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I just received my credit report from Equifax for the first time and noticed I had an opened Revolving Line of Credit account from a local bank that I did not know about for 10 years (I am currently 22 years old so that means I was 12 years old when it was opened). It is a shared account with my father but I am surprised it has been linked to my credit at such a young age. I have obviously not used it since I didn't know it was opened, but I am wondering whether or not I should close it or have it unlinked to my name. My father has also not used the account so there is no reason to have it linked to me, but he still uses this local bank. I understand that the length of time that I've had credit affects my credit score so I am unsure of which is the best choice since I've had it linked to my name for a very long time compared to one other credit card that I use frequently. The limit to this credit is $500.
Some other additional details are that I have a Credit Card account with the main financial insitution I use ($2,300 limit) and I've had this account for 3 years. My current FICO score according to their rating is 792. I also have fully paid off my student loans and I plan on opening another line of credit soon to keep building my credit. Thank you in advance!
If you are a joint account owner on it, I'd keep it open for sure!
If you are an AU, won't probably matter as much.
It's helping your score from the standpoint of both account age and percentage of accounts reporting a balance. And it's probably helping your dad's account age numbers. Since there's never a balance, it isn't hurt your utilization. I'd keep things as is.
Assuming that there is no negative account history associated with the account, there's no reason to have yourself removed. At your age and with such limited other credit (kudos on paying off the student loans!), that account is helping your scores, age of oldest account and average age of accounts tremendously! If you were to remove yourself, I'd foresee a very noticable drop in your credit scores.
Keep it for the AAOA. Besides, it's not hurting you to keep it. I wish my scores were as good as yours! Keep it up young man.
Thank you all for the great advice and quick responses! I will definitely keep it open.
That's a nice credit surprise to find on your report!
We do not, but his first name is my middle name!
You mentioned that your student loans are fully paid off. Does that mean that you have no open loans of any kind right now?
If so, your next step should be to implement the Share Secure Loan Technique. The first 2-3 posts in this thread will tell you everything you need to know about it:
Once you get that fully implemented you'll get a scoring bonus of about 30 points. At which point you should open a couple more credit cards.