No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
My DH had back surgery this summer & late disability payments caused us to be very late with two of his bills.These are the only late payments he has ever had on his credit history. He added me as AU on the following accts but now we wonder if the recent late pmts contribute to my low score on 545 in addition to my BK which was filed in 3/09. Are the late payments hurting or will they help me over time b/c of the age of the accts. I can be removed if they are hurting me but we don't want to do anything to hurt it more. Your thoughts please??
Equifax report pulled today and it say the following:
Acct #1 - Capital One
Opened 9/03, Balance is $5165, Monthly Pmt is $176, Status is as agreed, No past due, Limit is $5.5K, Comment: Last DQ 9/09, 8/09, 7/09
Acct #2 - Chase VISA
Opened 10/07, Balance is $4884, Monthly Pmt is $169, Status is as agreed, No past due, Limit is $5.5K, Comment: Last DQ 8/09
What should we do.....???
I am no expert but both cards are nearly maxed out and with a new late payment. I would remove myself from the accounts. Do that and see what happens. You can always get put back on. If you have no other revolving credit, i would look into getting a secured card or even a sub-prime card.
good luck. I hope your DH is now on the road to recovery from surgery.
@Anonymous wrote:My DH had back surgery this summer & late disability payments caused us to be very late with two of his bills.These are the only late payments he has ever had on his credit history. He added me as AU on the following accts but now we wonder if the recent late pmts contribute to my low score on 545 in addition to my BK which was filed in 3/09. Are the late payments hurting or will they help me over time b/c of the age of the accts. I can be removed if they are hurting me but we don't want to do anything to hurt it more. Your thoughts please??
Equifax report pulled today and it say the following:
Acct #1 - Capital One
Opened 9/03, Balance is $5165, Monthly Pmt is $176, Status is as agreed, No past due, Limit is $5.5K, Comment: Last DQ 9/09, 8/09, 7/09
Acct #2 - Chase VISA
Opened 10/07, Balance is $4884, Monthly Pmt is $169, Status is as agreed, No past due, Limit is $5.5K, Comment: Last DQ 8/09
What should we do.....???
Going onto an account as an AU with posted account delinquencies is the kiss of death for FICO scoring.
Delinquencies impact your score negatively MUCH more than any AAoA gain may help you. It is not even a maybe consideration.
I would get out of the AU account as soon as possible.
@RobertEG wrote:Going onto an account as an AU with posted account delinquencies is the kiss of death for FICO scoring.
Delinquencies impact your score negatively MUCH more than any AAoA gain may help you. It is not even a maybe consideration.
I would get out of the AU account as soon as possible.
Okay, I get it. The general concensus is to get off the accounts. Before doing so, let me ask anothr question. I have several cards of my own which I have 0-9% utilization, available credit is about $2500. If I can get these creditors with the late payments to delete them from the CR's should I still get off because of the high utilization? Thanks!!!
Missy_Bell wrote:
Okay, I get it. The general concensus is to get off the accounts. Before doing so, let me ask anothr question. I have several cards of my own which I have 0-9% utilization, available credit is about $2500. If I can get these creditors with the late payments to delete them from the CR's should I still get off because of the high utilization? Thanks!!!
Yes, I'd still get them out of my name. You are better off with your low utilization. The high utilization of these AU cards will negatively impact your scores.
ER-Tech,
I was just in your situation a couple of months ago. My wife and I shared a Am Exp account that had a high revolving debt and I was the AU. I decided to have my name removed, due to the need for a new vehicle and I wanted to show that I did not have a debt problem. Long story short, in one month my credit scores shot up once I removed my name as an AU. The unfortunately thing is the entire account was deleted from my credit report. I was hoping for a 0 balance and the account closed. Also as mentioned previously, once the account has a low balance, then you can have your name added again later on.This is a simple fix that will help you in the long run.
Good luck on increasing your score.