Authorized Agent

[Anonymous]

Hi,

I am an authorized agent on a credit card with a $35k credit line and a balance of $31k.  Perfect payment history and 8-9 years old.  If I ask to remove it from my credit, will that typically help or hurt.  One one hand, the good credit history is likely helping but the high usage rate is likely harming it.  Should I leave it or ask to be removed as an agent?

[RobertEG]

The % util on that card is nearly 90%.  It is essentially maxed out.  With the high balance, it is effecitively preventing you from reducing your overall % util on your own accounts.

From a % util point of view, removal would clearly be beneficial.

The presence of a good payment history does not, in and of itself, increase your credit score.  Its benefit is in its age, and concurrent absence of delinquencies.

If you current average age of accounts is approximately the same as that one card, then removal from your CR wont reduce your average age of accounts.  Calculate your AAoA with and without it, and you can see its impact.

The other factor to consider is how well you know this party, and can rely upon them not to become delinquent.

All in all, I would probably ditch it.

[Anonymous]

Thanks for the response.   Without this card, my average age drops to 3-5 years.  I've had credit for 20 plus (auto loans), but in the past 3 years, I bought a house and opened up a few cards to help with repairs needed on it.  The primary holder is my mom, whos score is over 800.

I have a card with a small $250 (0 balance) credit line, one with 3500 (3000 balance), one with 2500 (1800 balance), another with 1500 (400 balance).

Morgage, auto loan, and 2 personal loans.

No deliquincies or negative 'marks' on my credit.  Given my balances, I might end up in the same position as I am in now.  I'm not sure