How to get rid of an AU and should I?

Anonymous · ‎08-20-2008

My GF put me on the wrong card (high balance and very high CL) so that it hurts my debt to income ratio but does not help utilization. Corrected that and added me to zero balance high CL that DOES add to my util (not TOO high CL).

The wrong AU still reports and I want it off. Will a 'Not Mine' work?

I don't want to get rid of the good one in the process.

Also will the net result be good or bad?

I finally hit 720, and this card has negs and pos's;

Positive: 13 Year Old Card
Positive: Perfect Credit
Positive: Very High CL ($50k)
Negative: $7k Balance adds to my outstanding debt
Negative: $50k CL does NOT add to my Avail Credit so does not help my utilization.

My oldest account (parents Amex) is still 37 years old, and average age is 8. Removing this card will reduce my average age (a bit), reduce my debt (a lot), but not affect util.

Should I go ahead and if so will the 'Not Mine' be best case?

Anonymous · ‎08-20-2008

nyccc -

Why is this true?

Negative: $50k CL does NOT add to my Avail Credit so does not help my utilization. Is it maxed out? What is the current balance on it, and when will it be paid down, if you know?

Other questions:

What is your current revolving card utilization? If you know your oldest age and avg. age, you should be able to determine this %.

With perfect credit and a 37 year old oldest TL, you definitely should be well over 720, unless your utilization is poor. Please provide the % and that should answer the question.

Also, do you have any installment debt (auto or student loan) or a mortgage? If not, your credit mix will drop the score a bit, but not all the way to 720 - which is why the culprit must be UTIL.

Message Edited by Boscoe on 08-20-2008 01:04 PM

Anonymous · ‎08-20-2008

@Anonymous wrote:
nyccc -

Why is this true?

Negative: $50k CL does NOT add to my Avail Credit so does not help my utilization. Is it maxed out? What is the current balance on it, and when will it be paid down, if you know?

Other questions:

What is your current revolving card utilization?   If you know your oldest age and avg. age, you should be able to determine this %.

With perfect credit and a 37 year old oldest TL, you definitely should be well over 720, unless your utilization is poor.   Please provide the % and that should answer the question.

Also, do you have any installment debt (auto or student loan) or a mortgage?   If not, your credit mix will drop the score a bit, but not all the way to 720 - which is why the culprit must be UTIL.

Message Edited by Boscoe on 08-20-2008 01:04 PM

Credit Lines of $50k do NOT count towards Revolving Credit Availability (I found that out here). So though it shows as outstanding debt I believe it is not counted towards utilization (debt or line).

In terms of utilization, well TU says 48% and Efax says 16%. This is because TU apparantly only counts Primary Accounts and Efax counts some weird mix of both (I've played with spreadsheets to find out).

Anonymous · ‎08-20-2008

I don't believe the "TU doesn't count AU accounts" comment to be accurate. No one is using FICO 08, and as you probably have heard, AU accounts will continue to count. I would think the answer may be that EQ is counting the $50k as revolving but TU is counting it as installment.

Maybe your answer is to get that CL reduced to $40k so it will be sure to count as revolving debt.