I’m 21 and have been really careful with my credit cards, trying to build a good credit score so I can eventually move out and be stable. Recently, my parents found out about my credit card and were surprisingly furious that I had one. They pressured me into opening an Apple Card, saying it would be better so I wouldn’t be spending my own money or having my debt affect me.
I didn’t do enough research at the time, and now I’m regretting it. As soon as I opened the card, my credit score dropped by over 40 points and has continued to decline. My parents have over $17k on the card that isn’t being paid off, and I’m worried about how this will affect my credit score and future.
I believe I’m an authorized user on the card, not a co-owner. Is there any way I can salvage my credit score or fix this situation?
If you’re just an authorized user on their card, ask to be removed. If it’s your card and you have the debt, you need to pay it off or try to work out a deal with the credit card company. Make sure to always make at least the minimum payments to avoid further damage to your credit score.
If you’re on their account as a participant, you’re an authorized user and can be removed. If you’re a co-owner, you share responsibility for the account and its debt.
Did you open the Apple Card and have them spend on it, or are you an authorized user and the bill isn’t being paid?
If you opened the card and they made purchases, you should ask them to pay you back and ensure that no one else uses your credit cards. If you’re just an authorized user, you can remove yourself by calling the credit card company.
I’m a little confused. When you say they pressured you into opening an Apple Card, did they add you as an authorized user on their Apple Card? Meaning they pay the bill?