Expired card not renewed. Acct closed

[TeddyKG]

Oh one more question...during this time I also was an authorized user on my fathers American Express card. That card had an 8,000 limit. The balance is zero but since he passed away that acct has been just closed too. Does that 8,000 no longer available credit hurt me now? I know it originally helped my score when I was added several years ago

[Anonymous]

It's hard to say without knowing what your reports look like.  We can advise you much better if you list all your cards with their balances and their credit limits as they currently appear on your reports. , like this:

Card 1.  Balance = _____   Limit = ____

Card 2.  Balance = _____   Limit = ____

Card 3.  Balance = _____   Limit = ____

etc.

Make a special note if the card is closed or is an AU card or both.  If there is no note we'll assume it is an open card in your name.

[TeddyKG]

Card 1. Balance = 0 Limit = 8,000 AU CLOSED

Card 2. Balance = 18,000 Limit = 21500 CLOSED

Card 3. Balance = 1,396 Limit = 1,500 OPEN

Card 4. Balance = 2,877 Limit. 3,000 OPEN

Card 5. Balance = 2,400 Limit 2,500 OPEN

Card 6 Balance = 314 Limit. 800. OPEN

Card 7 Balance = 483. Limit. 550. OPEN

Card 8 Balance = 3,593 Limit 4,000. OPEN

Card 9 Balance = 193. Limit. 1,000 OPEN

Card 10 Balance = 3231. Limit. 3,500 OPEN

Card 11 Balance. 1,500. Limit 2,000 OPEN

Card 12 Balance 2,700. Limit 3150. OPEN

Also 3 loans all over 10k paid off with zero bal now. All never late

[Pikaboo-icu]

Yikes.. A lot of cards with balances..

Many of those cards are very high uti, quite a few considered maxed out by lenders.

Is there any way you can pay those down? In a hurry?

Since you had one not renew & close your account, it's concerning that others may follow. 

Sorry.. I hope it doesn't happen..

[TeddyKG]

Pikaboo

I just paid 7000 down....I cannot make another substantial payment for a few months.

How does the AU closed account work towards the overall uti? Since it was just closed that $8,000 is obviously gone. Does it stay on my report? ...does it matter? ...since it was my fathers account it was also the oldest on my report (1972) and never late

[Pikaboo-icu]

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@TeddyKG wrote:
Pikaboo

I just paid 7000 down....I cannot make another substantial payment for a few months.

How does the AU closed account work towards the overall uti? Since it was just closed that $8,000 is obviously gone. Does it stay on my report? ...does it matter? ...since it was my fathers account it was also the oldest on my report (1972) and never late

---

Drat..

The AU card should remain for age purposes but it wont count toward your over-all uti. Since it's closed it has no available credit. 

If it were me; I would pay the cards with the highest uti first, one at a time to get them below the next level.

IIRC >89% is considered maxed and the next level down is: 69%. If you can get each card below 69%, it should help. 

There's some good info in this thread by ABCD2199  The-Truth-about-Credit-Card-Utilization

I know, easier said than done.. 

[TeddyKG]

What I meant with the AU was it actually helped me with uti when it was open cause the bal was under 2,000 with 8,000 avail. Since it just closed and I paid it....Don't I essentially lose that 8,000 cushion from the bigger picture?

Anyway thank you so much for that link...I'm gonna read it in the morning. Have a great night

[Pikaboo-icu]

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@TeddyKG wrote:
What I meant with the AU was it actually helped me with uti when it was open cause the bal was under 2,000 with 8,000 avail. Since it just closed and I paid it....Don't I essentially lose that 8,000 cushion from the bigger picture?

Anyway thank you so much for that link...I'm gonna read it in the morning. Have a great night

---

Yes, sadly you lose that $8000 from your overall available credit so that raises your total uti. Sorry.

You shouldn't take a hit on the age though.

Hang in there.. Hopefully things will get better and my sincerest sympathy on the loss of your father. 

You have a great night too.. Wish I could be more help. 

[AndySoCal]

If your payment posted before the 30 days you dodged a late payment on your credit report. If not the 30 day late will casue your score to take a major hit. The affect on you credit utilization will cost you some points but not as many since you have paid the account balance down. Keep in mind with account over the credit limit and being board line late is sending a negative message to the creditor. In some cases not all this warning sign that account is about to go bad. The creditor made the decision to close the account. With credit card debt that goes bad the creditor loses money on the account.

A few years ago I somehow did not put a credit card bill into my bill pay. I noticed the error and I called the bank which I also bank with. The representative set up the payment so it post before it was 30 days late.  The representative said if I had waited another couple days they would have frozen the account (no more transactions) account is still open or they would have closed the account.  I learned a big lesson and now a double check what is in my bill pay and have set up ebills in bill pay.

[Anonymous]

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@TeddyKG wrote:

How does the AU closed account work towards the overall uti? Since it was just closed that $8,000 is obviously gone. Does it stay on my report? ...

---

Have you checked your three reports?  Is it currently listed on all three reports as a closed account?

The advice you are getting is good.  In order of importance you should be...

(a) never being late on a payment

(b) always paying at least $2 more than than the minimum payment on every card

(c) paying all cards to under 89%

(d) paying all cards to under 69%

(e) paying off all CC debt in whatever remaining order you like, as long as all debt is paid off

The most serious problem you have is card #2:

Card 2. Balance = 18,000 Limit = 21500 CLOSED

THat card will be considered maxxed out until it is paid to zero and the limit will be considered by FICO to be $0.

I encourage you to not use any credit cards until they are all paid to zero.