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  • Which has a bigger impact on a credit score? High balance or long standing account? : personalfinance

     Deborah updated 3 years ago 1 Member · 1 Post
  • Deborah

    Member
    December 4, 2019 at 9:50 am

    After making some poor life choices and letting an ex get me into a hole, I’ve been working on getting my credit score back up to good place. I’m currently an authorized user on a credit card of my dad’s and as its a business card, it has a pretty high balance ($15,000ish) and 80%+ utilization all of the time. That is the longest standing account going towards my credit history at 25+ years. After every other account of mine has been closed, my only open accounts are my car, student loans, and two small cards that are only a few years old.

    Is it better for my score to remain an authorized user and have the history in my favor? Or do I drop the high balance and just start where I am history wise? Which impact is greater on a score?

    Thank you!!

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