Removing authorized user from credit card

[lanejudy]

My CreditKarma updated today, removing my son's card. LOL, my score went up 4 points! LOL.

I have some other pending changes not yet posted. I've change some of my strategy. CreditKarma seems to be a good tool, just to glace at once a week or so. The joint card, I just put a big snowball payment on based on CreditKarma suggestion of bringing my debt down xx amount would increase my score to the next level. My strategy before was to pay off the lowest balance (as Dave Ramsey suggests) or the highest interest rate account. The joint card doesn't meet either of those, but since it helps my credit score, I am putting more towards that card. I paid off the A/C yesterday, but that was just in DH name. It's funny when I married DH he brought the debt from his previous marriage and I had one small credit card. Looking at our accounts, it looks like I have more debt but that is because I consolidated accounts to include his one of his cards into one of mine.

There are various tips of managing your debt. You need to decide what is your goal: a higher credit score, eliminating debt, or not spending money on interest, or something else. Different strategies will help depending on your end goal. As you've seen, working towards one may not have be best result for another area (eliminating the debt [pay off lowest balances first] or avoiding high interest payments [pay down highest interest rate cards first] doesn't have the immediate satisfaction of an increased credit score [large payment to highest balance]). I advise you to just be aware of the pros and cons of each. Depending on your balances, you may end up spending more on interest payments to other cards while concentrating on paying down the largest balance; if you are OK with that concept it's fine, just be aware that's what you are doing.

I don't watch my credit score that frequently...it's like watching the bathroom scale on a daily basis -- splurge on a piece of pie one night and the scale goes up, diet and do an extra work-out one day and the scale goes down, too busy to work out the next day and it goes back up. It's going to fluctuate when watched that closely. Focus on the long-term goal and you'll get there.

 

[gottalovepluto]

I notice CreditKarma is way off. They will give me one score via Transunion but when I check Transunion directly my score is 20-30 points higher.

I believe credit karma doesn’t calculate closed accounts in your age of credit. Even after closing an account it is calculated toward your average age of credit until it is 10 years old. This makes a big difference for me.

 

[4kids4karen]

There are various tips of managing your debt. You need to decide what is your goal: a higher credit score, eliminating debt, or not spending money on interest, or something else. Different strategies will help depending on your end goal. As you've seen, working towards one may not have be best result for another area (eliminating the debt [pay off lowest balances first] or avoiding high interest payments [pay down highest interest rate cards first] doesn't have the immediate satisfaction of an increased credit score [large payment to highest balance]). I advise you to just be aware of the pros and cons of each. Depending on your balances, you may end up spending more on interest payments to other cards while concentrating on paying down the largest balance; if you are OK with that concept it's fine, just be aware that's what you are doing.

I don't watch my credit score that frequently...it's like watching the bathroom scale on a daily basis -- splurge on a piece of pie one night and the scale goes up, diet and do an extra work-out one day and the scale goes down, too busy to work out the next day and it goes back up. It's going to fluctuate when watched that closely. Focus on the long-term goal and you'll get there.

Paying off the highest balance wasn't in my post/strategy. I have a goals in place. I am using CreditKarma for fun as I know the scores there vary from when credit scores are pulled elsewhere.

 

[4kids4karen]

I believe credit karma doesn’t calculate closed accounts in your age of credit. Even after closing an account it is calculated toward your average age of credit until it is 10 years old. This makes a big difference for me.

Yes the average age of accounts is way off on CreditKarma. I just like the ease of checking it on my phone during a break or when I am waiting in the car line to pick up the kids etc.

 

[gottalovepluto]

Yes the average age of accounts is way off on CreditKarma. I just like the ease of checking it on my phone during a break or when I am waiting in the car line to pick up the kids etc.

Ditto!