• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Credit report question...

K

kyparrish

Diamond Member
My wife's credit report shows one of her mom's maxed out CC's on there. My wife says it's from her freshman year of college. My wife thought that she was just authorized to use the card, not obligated to pay anything back.

So, my question is, can my mother-in-law call the CC company and have them remove my wife's name from the CC altogether? I don't think she co-signed for the card for her mom, I'd have to ask (unless her mom "tricked" her into co-signing to get another CC).

Are we screwed until the balance is payed off?
 
Sounds like she co-signed, if they have, and are using her social security number. The mother can ask to have her not co-signed, but the lender may reject that, since the account was based upon the responsibility of two, and not one. If the balance is paid, you can cancel the card, or leave it on the report and it won't hurt her score.
 
Originally posted by: Skoorb
Sounds like she co-signed, if they have, and are using her social security number. The mother can ask to have her not co-signed, but the lender may reject that, since the account was based upon the responsibility of two, and not one. If the balance is paid, you can cancel the card, or leave it on the report and it won't hurt her score.
Click to expand...
Correct on all counts.

Best best is to have the mother-in-law open a new CC account on her own and then balance transfer everything over from the old account co-signed with the wife to the new account solely in the mother-in-law's name.
 
yeah I'm thinking she co-signed....CRAP. There's not a snowball's chance in hell her mom will ever pay off that CC. $4k limit, maxed out.

Since this shows up on her report, does it basically automatically mean that she is a co-signer, and not just an AU???
 
Originally posted by: Vic
Originally posted by: Skoorb
Sounds like she co-signed, if they have, and are using her social security number. The mother can ask to have her not co-signed, but the lender may reject that, since the account was based upon the responsibility of two, and not one. If the balance is paid, you can cancel the card, or leave it on the report and it won't hurt her score.
Click to expand...
Correct on all counts.

Best best is to have the mother-in-law open a new CC account on her own and then balance transfer everything over from the old account co-signed with the wife to the new account solely in the mother-in-law's name.
Click to expand...

What makes you think it is co-signed? 😕 I've got 2 cards on my report(one from Amex and one from MBNA) that I am just an AU on, and am NOT a co-signer.
 
Originally posted by: kyparrish
yeah I'm thinking she co-signed....CRAP. There's not a snowball's chance in hell her mom will ever pay off that CC. $4k limit, maxed out.

Since this shows up on her report, does it basically automatically mean that she is a co-signer, and not just an AU???
Click to expand...

Why not just call the card company and ask? Just say, am I an AU or full-fledged holder?
 
Ya, call and ask. I believe one of my moms old credit cards showed up on my credit report which I most definietly did not co-sign on so that's possible.
 
Originally posted by: Mill
What makes you think it is co-signed? 😕 I've got 2 cards on my report(one from Amex and one from MBNA) that I am just an AU on, and am NOT a co-signer.
Click to expand...
Accounts that you are just an AU on should not be reporting to your bureau, as you're not the applicant/borrower and are not legally responsible for the payments.
 
Originally posted by: Vic
Originally posted by: Mill
What makes you think it is co-signed? 😕 I've got 2 cards on my report(one from Amex and one from MBNA) that I am just an AU on, and am NOT a co-signer.
Click to expand...
Accounts that you are just an AU on should not be reporting to your bureau, as you're not the applicant/borrower and are not legally responsible for the payments.
Click to expand...

Wrong, that is one trick to getting good credit an AU does get reporting... Check Mill's post.
 
Originally posted by: Crazymofo
Wrong, that is one trick to getting good credit an AU does get reporting... Check Mill's post.
Click to expand...
Let me rephrase. Unless you are using your parents' account to build your credit, you do not want to be reported as an AU, as you don't make the payments and it can fsck your credit if the actual card owner decides to miss one.
 
Originally posted by: Vic
Originally posted by: Crazymofo
Wrong, that is one trick to getting good credit an AU does get reporting... Check Mill's post.
Click to expand...
Let me rephrase. Unless you are using your parents' account to build your credit, you do not want to be reported as an AU, as you don't make the payments and it can fsck your credit if the actual card owner decides to miss one.
Click to expand...

That statement is very true but your first one was not... thats why you would only ask to be an AU on a trustworthy persons card.
 
Originally posted by: Vic
Originally posted by: Crazymofo
Wrong, that is one trick to getting good credit an AU does get reporting... Check Mill's post.
Click to expand...
Let me rephrase. Unless you are using your parents' account to build your credit, you do not want to be reported as an AU, as you don't make the payments and it can fsck your credit if the actual card owner decides to miss one.
Click to expand...

Right, I agree, but I'm pretty confident my parents won't miss a payment. For me, having them on my report is a good thing, because it makes the average age of my accounts much higher and thus marked increase in my FICO score. In this case, it is certainly BAD, however, since it is an AU he CAN get it removed by dispute or calling the CC company. Amex and MBNA are companies that do report AUs...
 
Originally posted by: kyparrish
My wife's credit report shows one of her mom's maxed out CC's on there. My wife says it's from her freshman year of college. My wife thought that she was just authorized to use the card, not obligated to pay anything back.

So, my question is, can my mother-in-law call the CC company and have them remove my wife's name from the CC altogether? I don't think she co-signed for the card for her mom, I'd have to ask (unless her mom "tricked" her into co-signing to get another CC).

Are we screwed until the balance is payed off?
Click to expand...

Just to be on the safe side we don't know for absolute certainty if she is an AU or co-applicant. Ask your mother-in-law to call and either confirm this over the phone or mail a copy of the signed application.

Or since your wife is on the account, technically she can call the CC and request this information.
 
Good stuff here guys, thanks for the tips. If the card wasn't maxed out, we wouldn't even care since it would help drop my wife's utilization %. I'll have her call Chase later to see what's going on.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top