topic Re: Should I remove AU card? in Credit Cards

Should I remove AU card?

Anonymous — Tue, 08 Dec 2015 20:11:54 GMT

AMEX BCP, CL is $21,100.

It was just opened in October 2015.

I want to remove it to reduce my available credit so lenders can't see it, but I just called AMEX and they said AU accounts will still be reported on the account for 7 years.

What should I do?

Re: Should I remove AU card?

Anonymous — Tue, 08 Dec 2015 20:16:17 GMT

I apologize for piggy-backing off your thread. So if I remove an AU from my account (Chase & Amex in this case), it will keep reporting on their credit reports? I'm in the same boat you are. I want to remove AU to increase the AAoA, since the AU cards are relatively young (< 1 year) and utilization is not an issue.

I've been trying to call Amex Credit Bureau (1-800-84-2717) for a couple weeks now to verify, but gave up after 30 mins hold each time. I tried to contact regular Amex, but they said the Credit Bureau is the correct way to be sure.

Re: Should I remove AU card?

creditguy — Tue, 08 Dec 2015 20:15:51 GMT

If I am not mistaken you can contact the respective CRA ie TU, EQ or EX and have them remove the AU record from your reports.

Re: Should I remove AU card?

Anonymous — Tue, 08 Dec 2015 20:18:15 GMT

@creditguy wrote:
If I am not mistaken you can contact the respective CRA ie TU, EQ or EX and have them remove the AU record from your reports.

Ugh......sounds like a major PITA (for me).

Re: Should I remove AU card?

Anonymous — Tue, 08 Dec 2015 20:23:50 GMT

@Anonymous wrote:
I apologize for piggy-backing off your thread. So if I remove an AU from my account (Chase & Amex in this case), it will keep reporting on their credit reports? I'm in the same boat you are. I want to remove AU to increase the AAoA, since the AU cards are relatively young (< 1 year) and utilization is not an issue.

I've been trying to call Amex Credit Bureau (1-800-84-2717) for a couple weeks now to verify, but gave up after 30 mins hold each time. I tried to contact regular Amex, but they said the Credit Bureau is the correct way to be sure.

Yeah, I just called them.

They said they would close the account with $0 balance. However, it would still be reported to CRAs for 7 years.

Re: Should I remove AU card?

Anonymous — Tue, 08 Dec 2015 20:55:53 GMT

Being removed on their end shows up as a closed line on yours. It will still effect AAoA and payment history but not utilization. If you want it removed if it is hurting in that regard you can dispute them. Just mark as not owner of the account as the reason and then tell them you are no longer an authorized user and want it removed from your credit report. You can dispute online or call up.

You can call Transunion at 800-916-8800, Experian at 877-284-7942 , and Equifax at 866-349-5191.

Re: Should I remove AU card?

gdale6 — Tue, 08 Dec 2015 23:26:47 GMT

Close it you only want to have AU to get you started you are well off now with your own cards.

Re: Should I remove AU card?

Anonymous — Tue, 08 Dec 2015 23:35:58 GMT

@gdale6 wrote:
Close it you only want to have AU to get you started you are well off now with your own cards.

Thanks gdale. Will do it now. Shall I remove all my AU cards? Or shall I only receive this BCP? My other AU cards are 10+ so its a buffer for my CR.

Re: Should I remove AU card?

gdale6 — Tue, 08 Dec 2015 23:43:13 GMT

@Anonymous wrote:
@gdale6 wrote:
Close it you only want to have AU to get you started you are well off now with your own cards.
Thanks gdale. Will do it now. Shall I remove all my AU cards? Or shall I only receive this BCP? My other AU cards are 10+ so its a buffer for my CR.

Thats up to you, I might close 1 or 2 a month so its not so big a shock you want to have at least one of your own cards at 6 months so you make sure to keep generating a Fico score but as I said previously you only want AUs to help you get started unless of course some of them are business purpose AU cards.

Re: Should I remove AU card?

Anonymous — Tue, 08 Dec 2015 23:47:13 GMT

@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
Close it you only want to have AU to get you started you are well off now with your own cards.
Thanks gdale. Will do it now. Shall I remove all my AU cards? Or shall I only receive this BCP? My other AU cards are 10+ so its a buffer for my CR.
Thats up to you, I might close 1 or 2 a month so its not so big a shock you want to have at least one of your own cards at 6 months so you make sure to keep generating a Fico score but as I said previously you only want AUs to help you get started unless of course some of them are business purpose AU cards.

Sorry, I meant 10+ years of credit history.

I supposed I'll close another next month, however I still want to maintain that buffer for my score. Comenity still hasn't reported AU for me Lexus Visa.

Re: Should I remove AU card?

gdale6 — Tue, 08 Dec 2015 23:50:00 GMT

@Anonymous wrote:
@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
Close it you only want to have AU to get you started you are well off now with your own cards.
Thanks gdale. Will do it now. Shall I remove all my AU cards? Or shall I only receive this BCP? My other AU cards are 10+ so its a buffer for my CR.
Thats up to you, I might close 1 or 2 a month so its not so big a shock you want to have at least one of your own cards at 6 months so you make sure to keep generating a Fico score but as I said previously you only want AUs to help you get started unless of course some of them are business purpose AU cards.
Sorry, I meant 10+ years of credit history.

I supposed I'll close another next month, however I still want to maintain that buffer for my score. Comenity still hasn't reported AU for me Lexus Visa.

Oh ok. Some of them will remain on file for up to 10 years post close and just have notiations of relationship terminated on them as long as you dont dispute them.

Re: Should I remove AU card?

Anonymous — Wed, 09 Dec 2015 00:01:13 GMT

@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
Close it you only want to have AU to get you started you are well off now with your own cards.
Thanks gdale. Will do it now. Shall I remove all my AU cards? Or shall I only receive this BCP? My other AU cards are 10+ so its a buffer for my CR.
Thats up to you, I might close 1 or 2 a month so its not so big a shock you want to have at least one of your own cards at 6 months so you make sure to keep generating a Fico score but as I said previously you only want AUs to help you get started unless of course some of them are business purpose AU cards.
Sorry, I meant 10+ years of credit history.

I supposed I'll close another next month, however I still want to maintain that buffer for my score. Comenity still hasn't reported AU for me Lexus Visa.
Oh ok. Some of them will remain on file for up to 10 years post close and just have notiations of relationship terminated on them as long as you dont dispute them.

Ah right. Maybe down the line, like two years later LOL.

Just closed my BCP. Bye bye $21k in credit.

Thanks for the help!

Re: Should I remove AU card?

Anonymous — Wed, 09 Dec 2015 06:14:01 GMT

@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
Close it you only want to have AU to get you started you are well off now with your own cards.
Thanks gdale. Will do it now. Shall I remove all my AU cards? Or shall I only receive this BCP? My other AU cards are 10+ so its a buffer for my CR.
Thats up to you, I might close 1 or 2 a month so its not so big a shock you want to have at least one of your own cards at 6 months so you make sure to keep generating a Fico score but as I said previously you only want AUs to help you get started unless of course some of them are business purpose AU cards.
Sorry, I meant 10+ years of credit history.

I supposed I'll close another next month, however I still want to maintain that buffer for my score. Comenity still hasn't reported AU for me Lexus Visa.
Oh ok. Some of them will remain on file for up to 10 years post close and just have notiations of relationship terminated on them as long as you dont dispute them.

Hello gdale, just had one more question.

Why did you say "some"? And is the general rule that they will stay on for 10 years? (do you have a link for this)

Will their CL still help my utilization rate, or will that be gone too?

Thanks!

Re: Should I remove AU card?

gdale6 — Wed, 09 Dec 2015 16:38:18 GMT

@Anonymous wrote:
@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
@Anonymous wrote:
@gdale6 wrote:
Close it you only want to have AU to get you started you are well off now with your own cards.
Thanks gdale. Will do it now. Shall I remove all my AU cards? Or shall I only receive this BCP? My other AU cards are 10+ so its a buffer for my CR.
Thats up to you, I might close 1 or 2 a month so its not so big a shock you want to have at least one of your own cards at 6 months so you make sure to keep generating a Fico score but as I said previously you only want AUs to help you get started unless of course some of them are business purpose AU cards.
Sorry, I meant 10+ years of credit history.

I supposed I'll close another next month, however I still want to maintain that buffer for my score. Comenity still hasn't reported AU for me Lexus Visa.
Oh ok. Some of them will remain on file for up to 10 years post close and just have notiations of relationship terminated on them as long as you dont dispute them.
Hello gdale, just had one more question.

Why did you say "some"? And is the general rule that they will stay on for 10 years? (do you have a link for this)

Will their CL still help my utilization rate, or will that be gone too?

Thanks!

I said some as there are creditors who will totally remove the AU line from ones report upon termination of the AU relationship. There have been reports of this in threads. As far as staying on for 10 years post termination they too follow the same rules that positive closed OC accounts do and that is they stick around for up to 10 years post close. Once the relationship is terminated they have the same effect of closing one of your own cards on Fico scoring.