As a general rule, any account appearing on your credit report will likely have some impact on your credit scores.Authorized user accounts can help you build credit if they are being managed well.If the account does appear on your credit report, how much it will affect your credit scores depends on the credit scoring formula, also called a “model,” being used.There are many different credit scores available to lenders, and some credit scores may not weigh an authorized user account as heavily as it would an account where you have joint or individual responsibility.Because the account you mention has such a high utilization rate, it may not be as positive for your credit history as it otherwise might be. Ideally, you should pay your balances in full each month.At a maximum, you should not carry balances of more than 30% of your credit limit on any one card or as a total of all your credit cards.In some cases, this means you must pay the whole balance off every month (like with American Express cards); these are known as charge cards.In most other cases with general-purpose credit cards like Visa and Master Card, you pay a percentage of balance owed.
A list of the factors that are currently affecting your score will be provided.
This is also how most high-interest store credit cards work.
But in all cases, you can’t always plan ahead for how much income your credit card payments will use each month.
So, if you have both credit cards and student loan to repay, you may need two solutions to pay off everything you owe.
That’s not to say that other debts can’t be included in your credit card debt consolidation plan.