Many will tell you to pay down your debt, dispute a late payment, payoff that collection account. And while all those may be great ways to improve your score. Here is one way you can get a huge jump in scores, maybe as much as 60+ points!
When a borrower has an account that is noted as a authorized user the account and its details, including balances are included in the RISK assessment. Really its all about the FICO or Credit Score algorithm used to determine your score.
So it makes sense that if you can remove yourself as the authorized user from an account your balances and obligations are lower and most likely contributing to a false representation of your liabilities. Even if you are the authorized user of you spouses account. There still will be benefit according to the credit scoring models today.
Your local mortgage broker can help you with this solution.
Michael Foote is a licensed Loan Originator and California Real Estate Broker. Experienced 30 years of mortgage finance, a Certified Mortgage Banker from the MBAA and Billion Dollar Lifetime Producer.