topic Re: Remove Myself as an AU? in Rebuilding Your Credit

Remove Myself as an AU?

Twotimesacharm — Sun, 07 Apr 2024 00:11:57 GMT

I plan on applying for a 2nd NFCU card in July (will be using heavily, but paying off each cylce) & I would like the best high SL approval odds. I am am AU on a Cap1 acct that has 95% utilization, but its 10 yrs old. I'm not sure if removing myself and losing the age of the account and the credit line will hurt more than the decrease in utilization will help. In addition, I have a few blemishes that are old, but there (see below).

Data points:

Current scores (these DO NOT reflect the recent payoffs).

EX: 676

EQ: 674

TU: 680

AAofA: 9yr 4mo (with the 10 yr old AU card)

I expect scores to rise after paying off 85% utilization on my personal cards (home rebuild after fire).

I have three (small) paid c/o's from 2018. Two are due to fall off my TU in July (EE), one in September (I'd like to wait for all 3 to come off, but can't).

Relationship with Navy:

Member for 3 yrs, two checking and one savings acct

Direct deposit

Personal loan: paid off 12.5 out of the original 15k - never late

More Rewards Amex (3 yrs): 0/3000, paid off yesterday - never late

Other cards:

Wells Fargo (1/19): 0/4000 (paid off last week)

First Premier (5/14): 0/300

First Premier (6/15): 0/400

Amex (11/20): 80/1000 (paid last week)

AU card:

Cap1 (11/14):6400/6750.

DTI: 39%

Without the AU, I'm at 1% utilization, but I lose my largest CL and a 10 yr account.

With, I'm at 42%.

What course of action will have have the most positive impact?

Thank you!!

Re: Remove Myself as an AU?

JoeRockhead — Sun, 07 Apr 2024 12:05:30 GMT

Any benefit of the account age is negated by the high (maxed out) usage of that card. I'd remove myself at my earliest opportunity.

Re: Remove Myself as an AU?

keekers — Mon, 08 Apr 2024 14:03:40 GMT

@JoeRockhead wrote:
Any benefit of the account age is negated by the high (maxed out) usage of that card. I'd remove myself at my earliest opportunity.

Agree.

Re: Remove Myself as an AU?

Twotimesacharm — Mon, 08 Apr 2024 16:44:28 GMT

@JoeRockhead wrote:
Any benefit of the account age is negated by the high (maxed out) usage of that card. I'd remove myself at my earliest opportunity.

Thank you. I did so yesterday 🙂

Re: Remove Myself as an AU?

keekers — Mon, 08 Apr 2024 18:15:43 GMT

As a side note, I would expect that you will see a pretty substantial bump when your two COs fall off, even though you'll have one remaining. At least that's what happened to me.

Re: Remove Myself as an AU?

Twotimesacharm — Mon, 08 Apr 2024 20:53:44 GMT

I'm excited!!!

Re: Remove Myself as an AU?

FicoMike0 — Tue, 09 Apr 2024 03:49:48 GMT

We're all pulling for you.

Re: Remove Myself as an AU?

Twotimesacharm — Tue, 09 Apr 2024 04:23:52 GMT

@FicoMike0 wrote:
We're all pulling for you.

Thank you

Re: Remove Myself as an AU?

keekers — Thu, 11 Apr 2024 19:34:01 GMT

Keep us posted.

Re: Remove Myself as an AU?

Twotimesacharm — Fri, 12 Apr 2024 04:04:47 GMT

@keekers wrote:
Keep us posted.

Will do 😊

Re: Remove Myself as an AU?

Twotimesacharm — Mon, 29 Apr 2024 19:19:40 GMT

@keekers wrote:
Keep us posted.

So, EX got a small decrease from the removal (3 pts), and TU lost 1 pt, but, for some reason, I lost 23 points on EQ? The only other change was a small balance paid off on another card, which showed had no impact on my score.

3 cards reflect the paid off balances now (totaling $4,700). I have 2 more cards to report in early May, which will be about another $3,500 decrease in cc balances. That will put me at about 9% when those hit.

Any ideas?

Re: Remove Myself as an AU?

keekers — Mon, 29 Apr 2024 19:46:02 GMT

Have you compared the information on your reports across the 3 bureaus? I seem to recall EQ being the "worst" of the 3 when I was dealing with COs, etc. on my report. I can't recall if there were minor differences on their report vs. TU and EX.

Re: Remove Myself as an AU?

Twotimesacharm — Tue, 30 Apr 2024 05:18:32 GMT

@keekers wrote:
Have you compared the information on your reports across the 3 bureaus? I seem to recall EQ being the "worst" of the 3 when I was dealing with COs, etc. on my report. I can't recall if there were minor differences on their report vs. TU and EX.

My new 3B comes out in early May. I'll see if anything else changed, but I haven't gotten any other notifications besides the removal and the small balance decrease.

Re: Remove Myself as an AU?

keekers — Tue, 30 Apr 2024 06:34:05 GMT

Have you asked for CLIs on your Navy card or have you stuck with your starting limit? I went back and read your initial post and it looks like you have a good product mix and a solid history with them so I would imagine your internal score would be pretty good. If you weren't planning on applying for a second Navy card I'd suggest asking for a CLI since it's a SP.

Re: Remove Myself as an AU?

Twotimesacharm — Tue, 30 Apr 2024 07:02:40 GMT

@keekers wrote:
Have you asked for CLIs on your Navy card or have you stuck with your starting limit? I went back and read your initial post and it looks like you have a good product mix and a solid history with them so I would imagine your internal score would be pretty good. If you weren't planning on applying for a second Navy card I'd suggest asking for a CLI since it's a SP.

No, I haven't requested a CLI on anything in a long time. My cards have had high balances for a while so there really wasn't a point. I PC'd my regular checking to a Flagship a couple weeks ago and opened a small CD, ad well as depositing about 5k in savings in hopes of increasing my internal score. In all honesty, I hadn't really known about the internal score and I was careless a few times with going over my limit when the interest hit on my card, but ALWAYS took care of that the same day. I never thought those things would ever matter, but reading the boards has shown me I was sorely mistaken.

I do plan on apping in July, so I don't want to get a CLI now and jeopardize my SL with the new card. If two of my last 3 COs fall off 7/1, will they pull my most recent report if I apply around 7/7, or will they possibly pull my May or June report?

Re: Remove Myself as an AU?

keekers — Tue, 30 Apr 2024 16:00:44 GMT

I think you've taken the perfect steps to get your NFCU internal score up; I did many of those same things when I was rebuilding and wanted to apply for their cards. And I agree, new cards before CLIs so I wouldn't request a CLI if your goal is to open a new card.

The data they see when they pull your report is whatever is currently listed with the CRA so be sure that your reports reflect the information that you expect before you apply.

Re: Remove Myself as an AU?

Twotimesacharm — Wed, 01 May 2024 04:00:25 GMT

Thanks!

Last time TU removed the 2 old accounts in minutes and it showed up on myFICO the next day, so I figured I'd wait a week, pull my own reports, then see that they are off before applying.

I really do wish I understood why EQ lost those 23 points (however, I gained 2 back today, so bizaar). Hopefully they come back by July, I'd like a cushion just in case! - UPDATE - I figured out why... I need to make a post. Ugh.