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Whats next for me?

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Anonymous
Not applicable

Whats next for me?

Hello folks, I am still working on my credit looking to get in the 700s one day! Currently my fico i with experian is 679, I was wondering what things I could do to improve it. Tradelines are below and my main question is would removing myself as an authorized user benefit me?

 

My TLs:

Amex: 120/1000

Pnc secured:  22/500

Discover:15/300

Monterey financial: a stupid loan i regret, 1800 dollar balance(Should I just pay this off or keep making monthly payments)

Capital one auto: 15000

Us dept of ed: 3500 and 3500

 

Authorized user on my fathers amex 4300/30k

 

Fingerhut charge off

Charge off from student loans as well

 

Main question is whats next, would removing the authorized user help my score? Maybe my DTI, should I pay off Monterey? What about my school loans that are charge offs 0 balance now as well as the fingerhut charge off

 

No collections

6 REPLIES 6
Anonymous
Not applicable

Re: Whats next for me?


@Anonymous wrote:

Hello folks, I am still working on my credit looking to get in the 700s one day! Currently my fico i with experian is 679, I was wondering what things I could do to improve it. Tradelines are below and my main question is would removing myself as an authorized user benefit me?

 

My TLs:

Amex: 120/1000

Pnc secured:  22/500

Discover:15/300

Monterey financial: a stupid loan i regret, 1800 dollar balance(Should I just pay this off or keep making monthly payments)

Capital one auto: 15000

Us dept of ed: 3500 and 3500

 

Authorized user on my fathers amex 4300/30k

 

Fingerhut charge off

Charge off from student loans as well

 

Main question is whats next, would removing the authorized user help my score? Maybe my DTI, should I pay off Monterey? What about my school loans that are charge offs 0 balance now as well as the fingerhut charge off

 

No collections


You will likely get a lot more replies/ideas here, but here is what I can offer:

 

It seems to me that if you remove yourself as an AU, then you are going to lose the CLs, which affect your utilization.  Depending on your overall situation, it could have some impact (negative on your score). You could lose points if it is completely deleted if you lose the aging from this account.  So be careful. (someone here might chime in and advise on the value of being removed as an AU).  I really don't know how removing an account, which has benefitted us, could possibly benefit us again by removing it.

 

The chargeoffs remain on a person's credit for 7 years from the date of the first delinquency of the charged off account. Someone can fact check me on this, but I believe this is the FCRA rule. You could request a GW removal from Fingerhut, but I don't like the odds of success with them.  Same with student loan charge offs. The good news here, is that they are paid and any manual review of your file that requires an explanation allows you to give some context rather than someone just look at the the derogatory remark.

 

Get your AMEX card below 10% utilization - always - before statement cut.  You are at 12% now, and could possibly get a few points crossing into the next threshold - 0-9% (fact check this). Ideally, you want to be under 10%. You could look into AZEO but with the AU not sure if that would hinder things here.


Work to get the Chargeoffs off and good luck!

 

 

 

 

Message 2 of 7
Crysis
New Contributor

Re: Whats next for me?

As your father appears to carry a balance on his card, it is affecting your UTIL, so removing that may help.  As previously mentioned, look into AZEO, where one card reports a balance and the others report 0.  

you could also begin a goodwill campaign to try to get the charge offs removed.

In the garden since 06 Nov, 2020. Plan to stay til March/April to get one more card for the AZEO, then garden for at least a year.
New acquisitions
Kohls 0/300 Nov2020
Capital One 25/300 0ct 2020
Message 3 of 7
Anonymous
Not applicable

Re: Whats next for me?


@Anonymous wrote:

Hello folks, I am still working on my credit looking to get in the 700s one day! Currently my fico i with experian is 679, I was wondering what things I could do to improve it. Tradelines are below and my main question is would removing myself as an authorized user benefit me?

 

My TLs:

Amex: 120/1000

Pnc secured:  22/500

Discover:15/300

Monterey financial: a stupid loan i regret, 1800 dollar balance(Should I just pay this off or keep making monthly payments)

Capital one auto: 15000

Us dept of ed: 3500 and 3500

 

Authorized user on my fathers amex 4300/30k

 

Fingerhut charge off

Charge off from student loans as well

 

Main question is whats next, would removing the authorized user help my score? Maybe my DTI, should I pay off Monterey? What about my school loans that are charge offs 0 balance now as well as the fingerhut charge off

 

No collections


Are the SLs still defaulted/CO or back to normal standing? Are they federal or private loans?

Message 4 of 7
Anonymous
Not applicable

Re: Whats next for me?

Hey folks thanks, so essentially azeo seems to be the way to go but with being an AU that's tough. My question is can I remove myself and check to see if I drop points and if so just add myself back?

 

 

The student loans were consolidated and switched to greatlakes while they were in default so they show paid and charged off on my account. 

Message 5 of 7
beutiful5678
Frequent Contributor

Re: Whats next for me?


@Anonymous wrote:

Hey folks thanks, so essentially azeo seems to be the way to go but with being an AU that's tough. My question is can I remove myself and check to see if I drop points and if so just add myself back?

 

 

The student loans were consolidated and switched to greatlakes while they were in default so they show paid and charged off on my account. 


I don't think that would be a good move here. AmEx uses the date the AU card was issued as the opening date on the AU's credit report. So you would likely get dinged because you'd have a new account on your report.



EX 8: Aug 2021 - 692 | EQ 8: Aug 2021 - 714 | TU 8: Aug 2021 - 673
Message 6 of 7
Anonymous
Not applicable

Re: Whats next for me?


@Anonymous wrote:

Hey folks thanks, so essentially azeo seems to be the way to go but with being an AU that's tough. My question is can I remove myself and check to see if I drop points and if so just add myself back?

 

 

The student loans were consolidated and switched to greatlakes while they were in default so they show paid and charged off on my account. 


You should do azeo still even with the AU as it is factored differently if I remember correctly. You would want a small balance on one of your cards (under 9%) and a small balance as well on the AU card (under 9%, preferably). No need to remove yourself. Under 30% sould be fine too, which the AU account is since you cannot control the balance, I assume?

Message 7 of 7
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