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01-16-2012 02:28 PM
My dad added my mother to his JC Penny cc...it was added to my CR on both Experian and Transunion, haven't checked Equifax. My mother and I have similar names, just flipped. As soon as I saw this error I called my dad and asked him about it. He said call the Creditor and ask them to send me a card.
The account's been open since 1987. There are no lates, but a high utilization. The limit is $6000 and the balance is $3626, it had been $2233 prior to Xmas.I would of course just be listed as an authorized user.
Debating if I should get the cc since dad said it was ok...and then having her name removed from my CR's. My mother's credit is really bad....like really, really bad. So I'm not sure what to do. I am thinking I need to get this removed.
I only have 1 cc of my own, a visa. No department store cc. I wouldn't mind having a JC Penny cc, but not if it's gonna hurt my credit.
I am afraid that my mothers usage will negatively effect me, if not now in the future.
Thoughts and wisdom please? It would be much appreciated!!
01-16-2012 02:38 PM
your util hurts more then you AAoA and with time, your AAoA will get better, without doing anything except paying your bills on time, this on the other hand, will not get better simply be giving it time and paying it (unless it is paid down) .... if you can get them to pay it down, then bam i would keep it....
its really a toss up.....
01-16-2012 02:56 PM
Thanks for the reply!!
My AAoA is pretty good without it....I think my avg is 8 years, oldest is 22. So I think I should have it removed. My dad is not healthy and like I said my mother's credit is really bad. She's run herself into backruptcy before, has a dozen creditor hounding her, and is on the verge of losing her house...so I think it's in my best interest to remove it.
01-16-2012 04:31 PM
IMO, it think it's helping more than hurting. Your AAoA is 8 years yet this TL is 14+ years old. I don't know if or how far your AAoA would drop without this TL, but it'll hurt your avg. age when removed. Also, your mix of credit needs more revolving and this card goes a long way in inproving that mix. This alone is probably helping a good deal. Finally, if this new card becomes your oldest CC (not sure what your 22 yo account is), then that helps even more. Have you pulled your FICO to see if that changed?
01-16-2012 08:42 PM
I pulled my EX today and it was 696. I am not sure what it was before.
On 12/11 my TU went up a little from 706 to 718. The 706 was from 9/11. My 22 yr old TL is a student loan. I know pathetic to still owe it. As for my TU Score it was not much of a gain especailly since I had opened a medical loan in 3/11 and have paid faithfully. So overall my revolving account utilizatoin is 30%, My student loans are much worse 121%, fees, intests and whatnot.
The fear is my mother will charge up the card and not pay. She has several creditors calling her daily. BTW her and my dad have been seperated for years, they are friends. And My dad's not healthy so I can't really count on him being around to keep it up to date. So....I had though of opening a department store card then removing it.
I applied for a department store cc last year, my TU was 747 back then and I was denied.