cancel
Showing results for 
Search instead for 
Did you mean: 

To remove, or not to remove?...that is the question

tag
KMACK
Established Member

To remove, or not to remove?...that is the question

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 have been aggressively paying of 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 a 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 ont eh 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.
 
 
Message 1 of 4
3 REPLIES 3
KMACK
Established Member

Re: To remove, or not to remove?...that is the question

Bueller? Bueller?
Message 2 of 4
southernficoaddict
Frequent Contributor

Re: To remove, or not to remove?...that is the question

I would think, but I may be wrong, that the age of the account is helping you more than the old balance is hurting you.  Someone else will chime in so with alot more experience than me though.
Message 3 of 4
llecs
Moderator Emeritus

Re: To remove, or not to remove?...that is the question

You may want to pull your TU and/or EQ FICO reports from this site to see if it is calculated into your history. It should be. This info can be found on page 2 or 3 of each report. If it says that your credit history is 23 years (1985-2008), then you may want to leave as is and never do anything to it. I once removed an unpaid CO and lost points.
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.