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Established Member
snowsurf7
Posts: 44
Registered: ‎12-13-2012
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Father wanting to close AMEX im an AU

[ Edited ]

Hi all!

 

So to cut to the chase my father applied for an AMEX and added me as an AU to build my score a while ago. The terms he was approved for were not very attractive to him at all but he kept it "just to help me out". He was approved for 14,500 which isn't even close to some of his other limits but the part that shocked him the most was the interest rate of 20%. I then tried to explain to him that this is common for card like this that offer rewards. He proceeded to argue and me of course thinking I knew more told him he was wrong. Well he pulled up his statement for his BofA card and I was shocked to see a 25,000 dollar limit and a 6.9% APR. Yes you read that right 6.9%. Feeling a bit defeated I told him that the reward must suck then! Well of course then he tells me that he gets 2% cashback everywhere but doesn't even care bout that! So I go looking for this card online and cannot find it anywhere. So if anyone knows what this card is I would like some more info on it please; its a piano black color with a gray and silver BofA logo, its a signature as well. Of course he has had this card for so long I don't remember him not having it so its bound to be old.

 

Anyway since I just got off topic Ill get back to the real question. My dad wants to close down the AMEX card now that I have my own cards but it is factored as my oldest account and with my short history I fear my score will take a dive. Can anyone give me some insight as to what this would ultimately do and how hard it would hit my score?

 

Much thank to anyone who helps :smileyhappy: and also Happy Holidays too everyone!

Discover IT, BofA Cash Rewards, Citi Forward, AMEX Green, CapitalOne Cash Rewards, Chase Freedom, Wal-Mart Store
Epic Contributor
Creditaddict
Posts: 21,519
Registered: ‎10-23-2007
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Re: Father wanting to close AMEX im an AU


snowsurf7 wrote:

Hi all!

 

So to cut to the chase my father applied for an AMEX and added me as an AU to build my score a while ago. The terms he was approved for were not very attractive to him at all but he kept it "just to help me out". He was approved for 14,500 which isn't even close to some of his other limits but the part that shocked him the most was the interest rate of 20%. I then tried to explain to him that this is common for card like this that offer rewards. He proceeded to argue and me of course thinking I knew more told him he was wrong. Well he pulled up his statement for his BofA card and I was shocked to see a 25,000 dollar limit and a 6.9% APR. Yes you read that right 6.9%. Feeling a bit defeated I told him that the reward must suck then! Well of course then he tells me that he gets 2% cashback everywhere but doesn't even care bout that! So I go looking for this card online and cannot find it anywhere. So if anyone knows what this card is I would like some more info on it please; its a piano black color with a gray and silver BofA logo, its a signature as well. Of course he has had this card for so long I don't remember him not having it so its bound to be old.

 

Anyway since I just got off topic Ill get back to the real question. My dad wants to close down the AMEX card now that I have my own cards but it is factored as my oldest account and with my short history I fear my score will take a dive. Can anyone give me some insight as to what this would ultimately do and how hard it would hit my score?

 

Much thank to anyone who helps :smileyhappy: and also Happy Holidays too everyone!


1.  What American Express Card did he get?

2.  6.9% fixed rate is things that happened LONG AGO... It's great if you (your father in this case) have this card and keep it but in 2012 they probably won't like much of what is available these days!! My Father had American Express Optima Platinum Credit Card from 2000 and it wasn't until about 2010 I even paid attention to interest rate and it was Fixed 6.49%... you don't get that anymore.... but if he doesn't carry balance and he doesn't care about rewards and he is doing this to help you why would he care or want to close... he can go in and set your card limit individually if he doesn't want you running with full $14k, or soon really could be $25k or more at 62 days after open.

even with a limit he sets for you, your credit report will still show whole credit line. and additionally he could set up management settings online for you also, which would allow you to talk to amex about the account, about you, and not making account changes though.  hard to get some of these futures on any other card that is not business.

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
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Established Contributor
TNTransplant
Posts: 772
Registered: ‎01-03-2012
0

Re: Father wanting to close AMEX im an AU


snowsurf7 wrote:

Hi all!

 

So to cut to the chase my father applied for an AMEX and added me as an AU to build my score a while ago. The terms he was approved for were not very attractive to him at all but he kept it "just to help me out". He was approved for 14,500 which isn't even close to some of his other limits but the part that shocked him the most was the interest rate of 20%. I then tried to explain to him that this is common for card like this that offer rewards. He proceeded to argue and me of course thinking I knew more told him he was wrong. Well he pulled up his statement for his BofA card and I was shocked to see a 25,000 dollar limit and a 6.9% APR. Yes you read that right 6.9%. Feeling a bit defeated I told him that the reward must suck then! Well of course then he tells me that he gets 2% cashback everywhere but doesn't even care bout that! So I go looking for this card online and cannot find it anywhere. So if anyone knows what this card is I would like some more info on it please; its a piano black color with a gray and silver BofA logo, its a signature as well. Of course he has had this card for so long I don't remember him not having it so its bound to be old.

 

Anyway since I just got off topic Ill get back to the real question. My dad wants to close down the AMEX card now that I have my own cards but it is factored as my oldest account and with my short history I fear my score will take a dive. Can anyone give me some insight as to what this would ultimately do and how hard it would hit my score?

 

Much thank to anyone who helps :smileyhappy: and also Happy Holidays too everyone!


We would need more info in order to help you with this, but it shouldn't affect your AAoA greatly since it was just opened this year.  As long as his utilization is low on the BoA account, why don't you just have him add you to that card as an AU?  That would still help you score-wise, and you would benefit from the age that the account would give you.  


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Father wanting to close AMEX im an AU

In all reality it is a AU account and doesn't really mean much to a credit analyst looking over your report. You should be more concerned with gaining positive history on your own accounts.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: Father wanting to close AMEX im an AU

Well, unfortunately there isn't much you can do. It is likely to remain on your CR for 10 yrs, but not necessarily. I was an AU on a Chase cc yrs ago, which was closed at some point by the cardholder. I might have still been an AU when the cc was closed because it is still showing on one of my CRs as closed. I haven't disputed since its only helping my short history. But it's not in the other CRs. So, that could be because they had updated their records to reflect my being removed as an AU. I'm not really sure.

 

If your father leaves you on as an AU and closes the acct, it could remain on your cr for 10 yrs, and by then you'll have enough history built that it shouldn't have too much of an impact. 

 

Im also wondering if you might be able to get an Amex now, while the acct is still open. I might improve your odds - not 100% sure, but I'd try while its still open if your cr will support an app now.

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Senior Contributor
jsucool76
Posts: 3,662
Registered: ‎12-11-2011
0

Re: Father wanting to close AMEX im an AU

The card, like others have said should still report for 10 years.

With regards to what card from boa he has, my only guess could be the accelerated rewards card, but even that is a 1.25 card.
>
Established Member
snowsurf7
Posts: 44
Registered: ‎12-13-2012
0

Re: Father wanting to close AMEX im an AU

[ Edited ]

Sorry everyone I was at a Christmas party, believe me not the fun ones. I really appreciate all of you're help in regards to advice on the card. Basically to add a little more background my dad has only 3 credit cards. The AMEX, BofA, and BestBuy. He does not like credit at all at wants the fewest cards that he needs which is why he wants to close out the amex. As far as being and AU on his BofA I will talk to him about that, don't know why I haven't thought of it before. I have applied for an AMEX and was denied for limited history. The funny thing is though I have been the one to always make the payment on that card. My dad has actually NEVER used it. When I called to recon I told them about this and it still didn't change the decision. My AAoA is fairly low anyway so I am thinking its not goanna make much of a difference anyway.

 

Edit: The card is the AMEX Clear

 

THANK YOU!!!!! To EVERYONE for the help :smileyhappy:

Discover IT, BofA Cash Rewards, Citi Forward, AMEX Green, CapitalOne Cash Rewards, Chase Freedom, Wal-Mart Store
Senior Contributor
jsucool76
Posts: 3,662
Registered: ‎12-11-2011
0

Re: Father wanting to close AMEX im an AU


snowsurf7 wrote:

Sorry everyone I was at a Christmas party, believe me not the fun ones. I really appreciate all of you're help in regards to advice on the card. Basically to add a little more background my dad has only 3 credit cards. The AMEX, BofA, and BestBuy. He does not like credit at all at wants the fewest cards that he needs which is why he wants to close out the amex. As far as being and AU on his BofA I will talk to him about that, don't know why I haven't thought of it before. I have applied for an AMEX and was denied for limited history. The funny thing is though I have been the one to always make the payment on that card. My dad has actually NEVER used it. When I called to recon I told them about this and it still didn't change the decision. My AAoA is fairly low anyway so I am thinking its not goanna make much of a difference anyway.

 

THANK YOU!!!!! To EVERYONE for the help :smileyhappy:


Unfortunately, to an UW, the card is still your father's, and not yours. What amex(es) have you tried for? 

>
Established Member
snowsurf7
Posts: 44
Registered: ‎12-13-2012
0

Re: Father wanting to close AMEX im an AU

I applied for the Green since the Zync had left the building. I have okay income at about 18,000 and owe absolutely nothing in regards to student loans etc. Surprisingly only Citi and my local credit union have approved me for unsecured. Even NFCU told me I had too limited history although I went ahead and got a secured card from them because they are nice to have.

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Regular Contributor
sengpatt
Posts: 223
Registered: ‎12-08-2012
0

Re: Father wanting to close AMEX im an AU

Re: the black BofA 2% card, it would suspect it's one of their Privileges cards, probably the Travel Rewards version. The Privileges cards are only offered to more affluent clients (as it sounds like your father is) with a certain amount of assets with BofA, so I'm not surprised BofA doesn't advertise it on their website with their other cards.
EX: 758 (10/12), TU: ???, EQ: ???

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