Remove it? Or leaveit?

[KMACK]

I had psoted this in the wrong forum(sorry for the double post)

Hello, all. I found this forum while using google, to try and dig up information on the best way to rectify the following issue. I have looked all over these forums,a nd dont see this issue anywhere else....and everyone here seems very knowledgeable and informative. Any advice or information is GREATLY appreciatted.

I openly admit to having been less than responsible from around 18- about 25, when speaking in terms of paying my bills etc etc.

At one point my credit score was in the 300's (I didnt realize at that time, how terrible that is). But over the course of the last year, I started  aggressively paying off past debt, and am near completion in the Federeal Rehab program (for my defaulted student loan). After researching the program I opted for this VS some others, as after 9 months the slate is wiped clean. I also opted to make the 9 payments, VS just paying it off/down quickly...as that wouldnt remove. I upped my monthly payment to $990.00, and after 9 months the old "smudges" on my report will be gone, and on the 10th month laon will be paid off in full.

Three months ago I took out a secured BOA credit line, with a 1k balance. I have been keeping my usage below 20% and have paid each bill on time.

Currently I only have a total of $2,652.00 in total debt.

All three of my scores are now right at around the 600 mark.( Although  still not as good as I would like...I am pretty proud for having pulled myself up from where I was, to these new number in just about 14 months time)

Ok...now to my question: Right around the time I started checking my credit report/scores and started clearing up things, I came across a revolving account from GEMB on my report.  Well as I looked into, i see the account was opened in 1985 ( I was 6 then)..i kept digging to find out what was up. Finally a rep over in those ofiices informed me it was actually an account I was labeled as an authorized user on. The card was held by my grandfather, and I was listed as Auth user. Well..when he passed away, my grandmother closed any cards open under his name. At that time, there was a $1500.00 balance on the card.......but some how when the account was closed, it showed up on my credit reports?!?!. Now this is actually benefiting to some degree in that is registering me as having revolving credit lines for the past 21 years. I have offered to pay the remaining balance due to the company, but they wont allow me becuase the account was closed due to the account holder being deceased(that was there way of saying exactly).

Technically, because I was only an authorized user on the card, I could very easily have it removed from all three credit reports. But my question is this: Is the reflecting long term revolving credit, more beneficial than the owed balance hurting my ability to elevate my scores?

Hopefully that makes sense. I appreciatte an information or advise someone can share.

[Anonymous]

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KMACK wrote:

I openly admit to having been less than responsible from around 18- about 25, when speaking in terms of paying my bills etc etc.

Most of us were, that's why we're here now! I just wanted to tell you not to feel bad. It sounds like you're headed in the right direction.

As for the rest of your problem, I know other people can help more than me. I would think you could dispute the debt as not yours, except that it's helping your age....hmmmm.....

Message Edited by pjxf99 on 08-01-2008 12:40 PM

[Anonymous]

Being an AU is helping you a lot. Lose it and you go from having a history of 21 years to having a history of < 1 year.

Keep it.  

[fused]

Kmack:

I need more specific info. Can you please list all of the credit limits and their balances on your revolving accounts, including your line of credit. Please include the CL and balance on the AU too.

[Anonymous]

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cobra19 wrote:

Being an AU is helping you a lot. Lose it and you go from having a history of 21 years to having a history of < 1 year.

Keep it.  

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I agree!

Out of curiosity, though, what is the status on the account?  Does it show any lates or does it show as a CO or CA or anything negative?

Message Edited by cheddar on 08-01-2008 01:29 PM

[KMACK]

The GEMB card was a revolving opened in 1985 with a 5k limit. The account was closed almost 5 years ago with a $1500.00 balance. ( I contacted the company and tried to pay the balance, while retaining the lenght/time of credit, but they said nothing can be done to pay the account off because the holder was reported as deceased.)

MY BOA card is a revolving with a 1k limit on it. I keep less than like $200.00 ( if anything on it). This account has been open for jsut about 4 months. With my fith payment hitting on the 10th of this month.

Message Edited by KMACK on 08-01-2008 01:38 PM

[fused]

mayyyyyyybe I agree with Cobra and Chedder.

[KMACK]

Thats the thing that is causing me some confusion(when deciding to have it removed or leav it).

It never went to a CA(Collection agency?) Nor does it show as a Co(charge off?). It just shows as closed. With a balance of $1500.00 owed to the card. Because the account was closed due to the holder being deceased, it doesnt report as a Co or go to CA ( this is what the rep @ GEMB told me). It does show a 90 day late from 2001, but thats it.

So my original thought was, the length of it being open is better...than the 90 late or balance showing up. As I believe the 90 day late will be irelevant in a couple of months( 7 years right).

I seriously appreciatte all the input, and am stoked to have found this site. Easily the most informative, thus far.

[emoticon]

Interesting.  If you can't have a credit file before your 18, isn't the FICO formula smart enough to correctly or appropraitely calculate your length of credit hisory and average account age?  Can you be 27 and have a 21 year credit history?  If not, the account might not be helping you very much.

Note: None of these are rhetorical questions; I honestly don't know the answers.