Credit Wise App Score Increase From Card Cancellation?

[Anonymous]

Hello all,

I'm relatively new to focusing on building credit. I'm 25, I have 4 open credit card accounts, Creditwise says my average score is 719. The account in question is a Citibank Sears card my mom opened in joint with my name when I was very young - it's my oldest account, being 22 years old. I was messing with the score simulator on the app, and it told me if I closed that account, my score would jump 30 points.

I just want to know if there is any validity to this, and if taking my name off of the account may be a wise thing to do? There's no balance on it, no late payments either. Thanks for any input!

[pipeguy]

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@Anonymous wrote:
Hello all,

I'm relatively new to focusing on building credit. I'm 25, I have 4 open credit card accounts, Creditwise says my average score is 719. The account in question is a Citibank Sears card my mom opened in joint with my name when I was very young - it's my oldest account, being 22 years old. I was messing with the score simulator on the app, and it told me if I closed that account, my score would jump 30 points.

I just want to know if there is any validity to this, and if taking my name off of the account may be a wise thing to do? There's no balance on it, no late payments either. Thanks for any input!

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I would not put too much weight on "simulators" to say nothing of 30 points is a big jump. I don't think you need the AU account today especially since you have your own credit history for the automated approval process of getting a card. On a manual review, I think most will discard an AU status you've had since you were 3 years old as far as how you treat your own credit.  

[Anonymous]

1. CreditWise score is VantageScore just like Credit Karma, not FICO, take it with a grain of salt.

2. Most simulators are unreliable, let alone when combined with VantageScore, there is no way you get a 30 point bump (FICO) by losing the account, you would be lucky if you don't take a hit for losing your oldest account and possible hit to UTI, depending on the rest of your profile.

[CH-7-Mission-Accomplished]

That is perhaps the worst piece of advice I have seen in all the years I have been on here.   Don't touch that card!

[Anonymous]

CreditWise, VS 3.0 scores and simulators = all garbage.  No need to listen to anything that any of them say.