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Regular Contributor
Posts: 119
Registered: ‎05-21-2008
0

Should I get this removed?

I will be trying to obtain a home in the next 3-4 months. My scores are around 650ish on all 3. I have been a authorized user on one of my parents Amex for 4 years with payment on time every time. The Amex card is a gold card and it never reports a credit limit (( I do not think it has one )) it does however report the balance. The balance as of today is around 17k. When I sit down with a loan officer im sure they will ask why my DTI is so high ... sooooooo... I know I can get AMEX to take this off of my account by asking my parents to take me off as a AU... BUT... will this bring my score down or up? Any Idea?

 

EXPERIAN
EQUIFAX
TRANSUNION
    
Account Name:AMEX AMERICAN EXPRESS AMEX 
Account Number:XXXX -XXXX XXXX 
Acct Type:Credit Card Open Account Open account 
Acct Status:Open Open Open 
Monthly Payment:   
Date Open:2/1/2006 2/1/2006 2/25/2006 
Balance:$17,025.00 $17,025.00 $17,025.00 
Terms:1 Month   
High Balance:$19,126.00 $19,126.00 $19,126.00 
Limit:   
Past Due:  $0.00 
Payment Status:Current Pays account as agreed Paid or paying as agreed 
Comments: CREDIT CARD
 
 
 
 
 24-Month Payment History
 
Date:
NovDecJanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJunJulAugSepOct
090910101010101010101010101011111111111111111111
                   OKOKOKOKOK
OKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOK
OKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOK
 
Experian:
Equifax:
TransUnion:
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Valued Contributor
Posts: 1,540
Registered: ‎10-25-2011
0

Re: Should I get this removed?

Is this your oldest account? do you have any other accounts? 

----- IF you find my post helpful, Select the star in the KUDOS button! Smiley Happy
Starting Score: 512 10/2011 Current Score: EQ: 686 | TU: 689 | EX: 690
In My Wallet: SFCU Visa: $10,000 | UECU Visa: $5000 | WellsFargo: $3900 | Cap1 QS: $3500 | Cap1 QS: $3000 | Cap1 AU: $3250
Regular Contributor
Posts: 119
Registered: ‎05-21-2008
0

Re: Should I get this removed?

No this account was put on my CR around 2006 or 2007(( I think )) I do have a student loan for 21k that is being consolidated as we speak...

 

Here is a snap shot

 

REAL ESTATE ACCOUNTS:   
Count000
Balance$0.00$0.00$0.00
Current000
Delinquent000
Other000
    
REVOLVING ACCOUNTS:   
Count1099
Balance$20,042.00$3,764.00$3,405.00
Current955
Delinquent000
Other000
    
INSTALLMENT ACCOUNTS:   
Count11127
Balance$21,859.00$21,859.00$21,859.00
Current7126
Delinquent000
Other401
    
OTHER ACCOUNTS:   
Count022
Balance$0.00$17,025.00$17,025.00
Current011
Delinquent010
Other000
    
COLLECTION ACCOUNTS:   
Count100
Balance$0.00$0.00$0.00
Current100
Delinquent000
Other000
    
TOTAL ACCOUNTS:   
Count222318
Balance$41,901.00$42,648.00$42,289.00
Current171812
Delinquent010
Other401
    
ACCOUNTS SUMMARY:   
Open Accounts:8138
Closed Accounts:141010
Public Records:000
Inquiries:2
Valued Contributor
Posts: 1,540
Registered: ‎10-25-2011
0

Re: Should I get this removed?

I dont think it would hurt your AAoA if you were to have it removed.... might be a good idea. 

----- IF you find my post helpful, Select the star in the KUDOS button! Smiley Happy
Starting Score: 512 10/2011 Current Score: EQ: 686 | TU: 689 | EX: 690
In My Wallet: SFCU Visa: $10,000 | UECU Visa: $5000 | WellsFargo: $3900 | Cap1 QS: $3500 | Cap1 QS: $3000 | Cap1 AU: $3250
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Should I get this removed?

IME, my lender didn't consider any account into DTI or util if it was a charge card and it did not show a CL. It's implied you'd have to pay the $17k in full within a month anyway. And since it doesn't factor into util because it lacks a CL, FICO would really only score the age of it and the mix. I vote to let it be.

Regular Contributor
Posts: 119
Registered: ‎05-21-2008
0

Re: Should I get this removed?

I guess i will just let it stand..from your opinion it probably wouldn't sow a jump in score if it was taken off.. right.. I may just see how the lender looks at it.. it they say it is a negative i can have it taken off my report within 30 days... maybe it will help and not harm my chances at a loan... I have no idea

Epic Contributor
Posts: 21,621
Registered: ‎03-19-2007
0

Re: Should I get this removed?

The loan officer wont figure that into your debt to income ratio, as it is not your debt.

 

It figures into your percent util as far as FICO scoring goes, so he may discount your deflated % util of credit as reflected in your FICO score.  They know that an AU status is not a reflection on your personal credit management, and may simply give less credence to your FICO score.  I would not, when filling out a questionaire as to indebetness, include the AU card in any fashion.  It is no more than an anomoly permiited by the credit scoring process.

Regular Contributor
Posts: 119
Registered: ‎05-21-2008
0

Re: Should I get this removed?

So would you leave it.... or have it taken off

Epic Contributor
Posts: 21,621
Registered: ‎03-19-2007
0

Re: Should I get this removed?

I would leave it.  The LO can clearly discount the card as not a debt, but will have no way to discount its inflation of your FICO score. 

Thus, he will either take your inflated FICO score or leave it.

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