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So I've had an American Express card that I am the AU on for a long, long time. Probably 15 years or more. It's my mom's card and she added me when I was in college. I am curious what I should do. The situation is that the balance on the card is always very high. between $3K and $10K. Everything is always paid on time and the balance decreases, but it never goes below the $3K mark. I don't even use the car. I just have it just in case. What do I do? Do I remove my self from being an AU or leave it as is? I think the high balance is having a negative effect on my credit. I am in the process of rebuilding my credit I am in the high 600s, but I have a feeling the high balance on this Amex is having some effect on my credit. I have 2 credit cards of my own. They are not high limit cards and I do use those all the time, but they are paid off. Thank you!
@felyasocal wrote:So I've had an American Express card that I am the AU on for a long, long time. Probably 15 years or more. It's my mom's card and she added me when I was in college. I am curious what I should do. The situation is that the balance on the card is always very high. between $3K and $10K. Everything is always paid on time and the balance decreases, but it never goes below the $3K mark. I don't even use the car. I just have it just in case. What do I do? Do I remove my self from being an AU or leave it as is? I think the high balance is having a negative effect on my credit. I am in the process of rebuilding my credit I am in the high 600s, but I have a feeling the high balance on this Amex is having some effect on my credit. I have 2 credit cards of my own. They are not high limit cards and I do use those all the time, but they are paid off. Thank you!
Which card? Charge card, doesn't matter (much) as it's not factored into FICO '04 or '08 utilization; if it's a revolver and you're sitting with small limits on cards, 30% utilization isn't ideal but it doesn't suck.
Personally if you're currently a mixed-file rebuilder it's probably doing you way more good than harm even if it's a revolver honestly. I'd be looking at it as a backdate possibility anyway .
Its an American Express Rewards Plus Gold credit card
That's what I figured as well, regarding the back-dating. Its the oldest one I have by far and its never late. I just wish my parents would not spend so much. Well, they can afford it =)
What about long term? Let's say my credit is good and I have other good cards, do I close this one? I am just afraid everything that I will have left, while in perfect standing, will be 5 years old or less
Interesting. So when I get my own Amex, I am able to back-date it? I am curious how that would work?
@felyasocal wrote:Interesting. So when I get my own Amex, I am able to back-date it? I am curious how that would work?
You will apply for the card and then ask them to "change your 'member since' date to the one of your AU card."
To make it easier and more obvious to the AMEX customer service reps, I would make both cards under the same online account. When you ask them to change the member since date, they will understand the card and situation. This will help your average age of accounts on your credit report.
Great. Thats really awesome. Thank you!!!