General Credit Topics

[diann744]

I was added as an AU to my mom’s Amex years ago.  Not to improve my credit but because I was a minor and she wanted me to be covered in case of emergency.  Mom passed away two years and I had the card switched to my name as I’m now the only authorized user.  Still, it shows up on Experian (score 646, argghhhh) as an AU account.

One of the “top negatives” on my account, according to MyFico, is that my credit history is too short.  It says, “Your most established credit obligation is 355 months (almost 30 years) old and your newest credit account was opened 23 months ago.”  It then goes on to state that the national average is 15 years oldest and 20 months newest.  So, as I see it, I’m doing twice as well in the “oldest credit” area and better than average on the “newest.”

I can only assume that because my oldest card is listed as AU, I’m not getting credit for the age of the account.

So the question is: should I try to get Amex to remove the AU classification or would I be risking their changing the date established to the date I took over the account?  (Which would mean my oldest account is the 23-monther and I’d be dead in the water.

Thanks for your help.

Diann

[Tuscani]

I would leave it.

[htc]

It's probably something to do with averages, or maybe not.  FICO scores are a mystery

Just wait - 7 years is the minimum required for good credit (I'm just about there).  I have no bad consumer debt and earn a 6 figure salary... but my score is still in the 600's  My wife's history has some late payments and she earns half my salary but she is in the mid 700's - because her CH is 11 years.

Just out of interest - Does anyone know if salary actually makes a difference to FICO scores ????

Message Edited by htc on 04-20-2007 02:35 PM

[masdeocho]

htc - Nope, salary doesn't go into FICO.  Your credit report may list your employer but it doesn't list your job title.  You could be the janitor or the CEO of the company.  Howver, a potential lender will require salary info, and some credit cards also require it.  I remember having to send a copy of a W2 to get a very low APR credit card.  I wasn't too happy about disclosing that personal info.

[htc]

masdeocho - thanks..... kinda explains why, during my early years in this country my American wife would get the 'credit' and I would make the payments.... funny old world

[masdeocho]

yup, Credit is King in America ...