topic Re: Amex in Credit Cards

Amex

Anonymous — Thu, 05 Jun 2008 17:41:59 GMT

I am currently a card holder of Amex and my wife is the Main Holder. Our balance is 13,500.00 and that is our limit. It is good credit but should I ask her to have me removed....Will my scores go up?

Re: Amex

Anonymous — Thu, 05 Jun 2008 18:34:04 GMT

Most likely not. Unless she's carrying a large balance.

Re: Amex

Takunda1 — Thu, 05 Jun 2008 18:41:37 GMT

GodzillaCredit wrote:
I am currently a card holder of Amex and my wife is the Main Holder. Our balance is 13,500.00 and that is our limit. It is good credit but should I ask her to have me removed....Will my scores go up?

maybe I didn't read correctly, but your statement says your card maxed out. If that is what is reporting on your credit report, then you are considered to be at 100% util on that card. I would guess that if you got removed your scores would go up. It also depends on your overall credit picture but I'm sure your scores will rise some.

Re: Amex

Anonymous — Thu, 05 Jun 2008 18:44:29 GMT

I didn't catch that. Yeah, get off that account! lol

Unless of course you are partly responsible for that debt. Then it wouldn't be very ethical for you to request to be dropped from the account, and instead you should help her pay it down considerably.

Message Edited by thrasher865 on 06-05-2008 11:44 AM

Re: Amex

Anonymous — Thu, 05 Jun 2008 18:44:53 GMT

Yes this card is maxed out. Just wonder if hurting or helping my score.

Re: Amex

Anonymous — Thu, 05 Jun 2008 18:50:53 GMT

A maxed out card will absolutely hurt your score, even if it is a fraction of your total credit.

For example, if you have 5 cards with 10k available credit on each (=50k total available) and max one out (=40k available) your overall utilization is only 20% but you take an extra hit for having a single card at 100%. Now if you only have 1 card maxed out then you will take a really large hit.

Re: Amex

Anonymous — Thu, 05 Jun 2008 18:56:20 GMT

@Takunda1 wrote:

If that is what is reporting on your credit report, then you are considered to be at 100% util on that card. I would guess that if you got removed your scores would go up. It also depends on your overall credit picture but I'm sure your scores will rise some.

I'm not sure about that. It depends on a lot of other things. If there is a long history on the account and all his others are young, he might be gaining more points from a long, good history than he is losing from the util. And if he has other cards with high limits and low util to dilute it, he might have a low overall util and the hit from one card being maxed out might be fairly small. It all just depends.

At any rate, the solution to the problem is to pay down the debt or BT it to another card. If you carry that balance for more than a few months on an Amex, neither of you will have a card much longer.

Re: Amex

Anonymous — Thu, 05 Jun 2008 18:57:34 GMT

I have a car loan at 9 k Personal loan 15K owe 13K and I am only a card holder of Amex

Re: Amex

Anonymous — Thu, 05 Jun 2008 19:04:22 GMT

How old is the Amex account?

Re: Amex

Anonymous — Thu, 05 Jun 2008 19:05:58 GMT

about 4 yrs old.

Re: Amex

TULO30 — Thu, 05 Jun 2008 21:12:46 GMT

Personally, I would not want to remove my name from AMEX. Why not help your wife pay it down instead? It is a card that can only help your credit, especially when it is managed well. But, from what I understand AMEX does not like users that carry balances month after month. So, after you pay down the balance be ready for a decrease in the amount of credit available to you. Good luck!

Re: Amex

haulingthescoreup — Fri, 06 Jun 2008 00:53:38 GMT

! A maxed-out AmEx?

If nothing else, she is in real danger of having her credit limit reduced or her card completely closed. AmEx does NOT like balances, even on its revolving credit cards, and the idea of maxing out an AmEx makes my toes curl. They might be sharpening the axe even now. This balance needs to be knocked down PDQ, whatever it takes.

Re: Amex

Anonymous — Fri, 06 Jun 2008 03:23:15 GMT

GodzillaCredit wrote:

about 4 yrs old.

That is hurting much more than it's helping. As the others have said, you need a plan to pay it off or BT it to a different issuer, or else Amex will close it. How long have you been carrying this balance?