When I was 16 (2000) my father added me as an authorized user on one of his credit cards to help me build credit prior to college. In July of 2002 he had some financial difficulties and stopped paying on the card, which was eventually charged off with a $7,356 balance still on the card. When I consulted a lawyer several years ago I was told that I would just have to wait until it was off my credit report, that there was nothing I could do about it.
Now, five years later, I’ve heard that it might be possible to have it removed because I was never legally responsible for anything that was charged to the account? Because it’s been five years already, should I just wait until this is off my report or should I contest it with the company / credit report agencies and see if I can have it removed? I’m worried if I try to contest this that it will renew interest on the account and further damage my credit / stay on my history longer.
All of the lines of credit (3 credit cards, 2 federal student loans) I’ve opened for myself since this incident have perfect payment histories, so this authorized user account is the only negative spot on my credit report. How much will this 5 year old debt (which was never even really mine) affect me if I try to get a private student loan for grad school, rent an apartment, etc? Thank you so much!