My parents added me as an authorized user on their credit card when I started driving to cover gas, pick up the occasional groceries, and for emergencies. Ten years later and I haven’t used or thought about the card in ages. I have two cards of my own that I use regularly (always less than 30% of credit limit) and pay off every month.
My parents recently started building their retirement home. They’ve started charging things like new furniture to the card and apparently using a significant amount of their credit limit. I just got a notification that my score dropped 46 points this month because of the high utilization.
What steps do I need to take to mitigate this? I talked to my parents who plan to pay the current balance in full, as they always do. My first reaction was to have them immediately remove me as a user on the card, but now I’m wondering if I should have them wait until this next payment registers and then remove me. When they pay the balance will that help my score recover, or should I just get off as soon as possible? Is there anything else I can do? How long can I expect it to take to bounce back?