Removing Old AU Accts From CRs

[FuturePlan2]

I am hoping to secure an auto loan in about 3 months.  I was recently checking my credit reports and there are 2 accts listed in which I am no longer an AU.  I sent requests to all 3 bureaus to have these accounts removed.  The CLs total $4100 and the accounts are at least 5 years old.  How will this affect my credit score?

[LTomBerry]

Keep them there, they are helping you as long as they are in good standing. Closing them would reduce your total # of accounts, your total credit available, worsen your utilization and decrease your AAoA.

[Anonymous]

Hi 500Pearls,

The best way to look at how an AU account affects your report and FICO score is to compare what would be on your Credit Report with and without that account.

What is your utilization with and without the AU card?  Remember FICO looks at overall utilization and individual utilization.

What is your oldest open tradeline with and without the AU card?

What is your Average Age of Accounts with and without the AU card?

And of course, you'll want to look at the payment history on the card - whether it had any late payments or not.

Do you happen to know what your current FICO score is?

[FuturePlan2]

My oldest acct is from 2003 and that card has no credit limit.  My avg age of cards would prob decrease by 2 or 3 years.  My total CL amount would decrease from $6900 to $2300.  Of the 2 cards in which I am having removed they are both approximately 70-75% of the limit.  In my opinion, they are taking away from my FICO score than what actually should be there.  I did encounter a 4 baddies (2 closed cards, 1 charge-off, and 1 collection which have all been paid in full for over 2 yrs) while in college do to an employer not paying the student workers so I had to switch jobs and got behind.  I've had only 3 lates in over 2.5 yrs and those came from traveling for family emergencies. I am currently in the low 600s but I think this will greatly help my score.  I also have a full time job paying $50k+ with 4 open accts with $0 balances vs being a penny pitching student with $2000 in balances.

[FuturePlan2]

So I finally had those 2 accts removed and I believed they dropped my score tremendously.  It will be 30 days after the change on next week.  Will this make any difference?

[castlefox]

Even though they were near their limit you could have been getting a boost from the age of the two account.

Give more details about your credit report.

....If you need urgent help could you just redo the authorized user satus on the two accounts?

[FuturePlan2]

True.  But they were making me look as if I has more debt than I do.  I have abt 1600 in cc debt all current accts never been late but they are close to 1 yr old.  Have 2 previously closed accts by the grantor but all paid to 0. I also had 1 stupid cable collections for $170 paid over 2 years. Most of my credit is student loan debt which are al deferred until dec

[castlefox]

Sounds like those two AU account were also making your credit file look fater, now it looks like you have a thiner credit file. 

Apparently the age and number accounts were helping you a lot more than the debt on the cards that were hurting you.

Where did you get your updated scored from?

[FuturePlan2]

equifax.  They were at least 5 year old cards im sure.  My biggest card is 8 yrs old but my most recent arent a year yet.  They will be in Nov and Dec