topic Re: Should I have these AU accounts deleted? in General Credit Topics

Should I have these AU accounts deleted?

Anonymous — Fri, 05 Oct 2007 16:07:28 GMT

There are 2 accounts on my credit report for which I am listed as an AU:

SEARS
$0 BAL, $5,6000 CL, opened 8/2000, 0 lates

CITI
$21,087 BAL, $26,250 CL, opened 10/1999, 0 lates

I would like to know if I should have these removed.
One of the reasons for my scores by all CRA is "too many accounts". Will removing these help with that?

Also, is that CITI balance at all factored into my "payments" or utilization?

Are the CLs, payment history and ages of the accounts helping me?

Finally, what are the pros and cons of being listed as an AU?

Thanks!

Re: Should I have these AU accounts deleted?

Anonymous — Fri, 05 Oct 2007 16:09:10 GMT

Dump the CITI until the UTL is down.

Re: Should I have these AU accounts deleted?

Anonymous — Fri, 05 Oct 2007 16:16:12 GMT

would like to know if I should have these removed.
One of the reasons for my scores by all CRA is "too many accounts". Will removing these help with that?

Maybe- Depends on the rest of your report-
Mine does not give me that warning until abouve 9 accts with balances.

Also, is that CITI balance at all factored into my "payments" or utilization?

100% affect utl-

Are the CLs, payment history and ages of the accounts helping me?

The payment HX and ages MAY affect "longest open" and "Avg age"

Finally, what are the pros and cons of being listed as an AU?

Pros-
Can increase longest open
Can reduce UTL
Can increase avg age
Can increase available credit
Can reduce the # of accts w/ balances

Cons-
Missed payment/late affect you too
High UTL affect you too
AU status going away in scoring soon
Can reduce avg age
Can increase # of accts with balances

As you can see- the affects Pro and Con are mostly the same- It has everything to do with what other accts you have.

Re: Should I have these AU accounts deleted?

Anonymous — Fri, 05 Oct 2007 16:25:34 GMT

Thank you so much for your detailed answers! As far as accounts with balances, does that only include credit cards? I have a car loan and several student loans, but of course I can't do anything with those. As far as CCs, I have 4 cards carrying a balance. However, 2 of those are listed twice on my report (please see my other post for more details). So, I'm wondering if getting the 2 dups and 1 AU removed would help.

My oldest card is 10/1999, but these AU are probably helping the average age as you said.

Thanks again!

Re: Should I have these AU accounts deleted?

Anonymous — Fri, 05 Oct 2007 16:28:18 GMT

Your welcome-

Yes- As long as your Utilization does not go up.

@Anonymous wrote:
Thank you so much for your detailed answers! As far as accounts with balances, does that only include credit cards? I have a car loan and several student loans, but of course I can't do anything with those. As far as CCs, I have 4 cards carrying a balance. However, 2 of those are listed twice on my report (please see my other post for more details). So, I'm wondering if getting the 2 dups and 1 AU removed would help.

My oldest card is 10/1999, but these AU are probably helping the average age as you said.

Thanks again!

Re: Should I have these AU accounts deleted?

Anonymous — Fri, 05 Oct 2007 20:10:40 GMT

In my opinion you can not have too many accounts!!!! they just must be current

Re: Should I have these AU accounts deleted?

Anonymous — Wed, 24 Oct 2007 16:57:32 GMT

Happy,

That is interesting...because "too many accounts" is definitely listed as a reason for my score on my credit profile. I am curious what the magic number is, which accounts (if any) I should close, etc.