11-19-2010 05:43 PM
Hey everyone, quick question about credit cards and how it will effect my score in long run. Below you will see all my loans and credit cards that I have up to this point (everything that is on my credit report). Below you will see two credit cards: chase which is my moms and BofA which is my dads. My dads card has an annul fee of 95 and my moms doesn't have any. I am authorized user on both accounts and I am wondering if I should call the credit card companies and take myself off from being the authorized user on both cards. I use most of the cards and always pay the balance in full each month sometimes before they post my balances so non of them carry any balances, I am definitely between 1-9% each month if anything.
If I were to close them I know this will not have a big impact on my credit score since my utilization will not go up. I am wondering in 10 years when they come off my credit report, how much of an impact will it have on my credit score? Should I close them at least the one with annual monthly fee? My parents might be going back to their place of birth in Europe and I will most likely keep using the cards if I don't close them.
My report says that my oldest account was opened 7 years and 2 months ago and my average age of accounts is 4 years. Please advise me on if I should get rid of them once my parents go back to Europe or should I keep them?
Thanks for all of your help in advance
Macy'sdsnb - account holder: individual - (Macy's store charge) - opened on 3/2009 balance is $0 - not sure about the limit as it is not shown on on credit report.
Amexdsnb - account holder: individual - (Macy's American express) - opened on 3/2009 - limit $5,000 - balance $0
Care Card - account holder: joint - opened 9/2007 - limit $5,700 - balance $0
Chase (my moms) - account holder: authorized user - opened 12/2003 - limit $6,200 - balance $0
BofA - (my dads) - account holder: authorized user - opened 7,2004 - limit $8,500 - balance 0
BofA - account holder: individual - opened 12/2003 - limit $12,000 - balance $0
BofA - account holder: individual- opened 10/2003 - limit $3,500 - balance $0
Polish/Slavic - personal student loan - account holder:Co-Signer - approved for 75,000 and 6,573 of it is used up to this point. - opened 1/2010 (this is considered as revolving account on my credit report, as the 6,573 is added to my credit card totals (revolving account totals)
AES/PNC - student loan - account holder: individual - opened 8/2008 - loan for $5,500 - balance $3,926
AES/Keystone - student loan - account holder: individual - opened 8/2004 - loan for $3,500 - balance $2,498
AES/Keystone - student loan - account holder: individual - opened 9/2003 - loan for $2,625 - balance $1,874
Natl Coleg - student loan - account holder: maker - opened 9/2006 - loan for $15,625 - balance $0 (paid off)
AES/PNC - student loan - account holder: maker - opened 9/2007 - loan for $8,633 - balance $0 (paid off)
AESConduit - student loan - account holder: individual - opened 8/2006 - loan for $5,500 - balance $0 (paid off)
AES/Keystone - student loan - account holder: individual - opened 8/2007 - loan for $5,500 - balance$ 0 (paid off)
Natl Coleg - student loan - account holder: maker - opened 8/2005 - loan for $10,526 - balance $0 (paid off)
Toyota Mtr - car loan - account holder: maker - opened 1/2008 - loan for $18,374 - balance $0 (paid off)
11-19-2010 08:00 PM
In 10 years your other accounts will be older, so it won't make much difference.
However, do you parents have other credit cards they use? If they are cash people and your use is the majority of their history, I would keep using them to keep their history alive and well.