Need some help clarifying some confusion:

[Kozmo]

A few things I needed to be cleared up.

I just pulled a copy of my reports from all 3 CRA's (I have credit secure from AMEX) and noticed a few things.

I am an AU on an account. It is being reported to EQ but stopped being reported to EX and was never reported to TU it looks like.  Which is somewhat weird because it is a Chase account but from my CU that my dad works for...he says they always use EX...at any rate....The account has been open since 2003 so for AAoA its great...but the util on it is like over 70%...is it beneficial for me to remove myself from the account and have it no longer report?  What could the potential pro's and con's be? I guess i'm partly confused on the fact that I know it will still show on my report for 10 years...but how could it effect my score if I remove it or continue to leave it on?

Also, I have some student loans that were consolidated...some of the original accounts are still showing as "open" but no recent data being reported...but in one of the sections it does say it was closed/transferred for 2 of the CRA's...but for EX it does not...is this doing anything to my score? It's odd because I consolidated from Nelnet to FedLoan...and Nelnet shows as closed....but when I consolidated the Dept of Ed to Fed Loan...the Dept of Ed is still showing as open....does this make sense? If its confusing let me know...but one of the explanations given for things that were effecting my score was that I had "too many" installment accounts and I am wondering if this is why? They are all SL's...

Also,

Recently I called Chase executive office (maybe 2 months ago) and had them lower my APR's on both accounts and they also were nice enough to credit my account like $250 in back interest paid as a courtesy...I feel uncomfortable calling for  CLI on one of my accounts...you think I have a chance? Or have I used my "courtesy" changes to my account for awhile?

My FICO for EQ was 672 and this was one month ago...recently I increased my CLI by $1500 on one card...and paid down some balances on others so that could be slightly higher...my "plus" scores are all around 670...but I know those do not matter much...my util on the Chase currently is like 25% and my limit is only $1k...so I would like to increase that a bit.

Thanks for any and all help!

[Kozmo]

Anyone?

[jamie123]

Dude....

You need to express yourself CLEARLY!

State the problem and ask the question. If we need the ENTIRE back story we will ask. If our advice seems counter to what you are asking, ask another question.

---

@Kozmo wrote:

A few things I needed to be cleared up.

I just pulled a copy of my reports from all 3 CRA's (I have credit secure from AMEX) and noticed a few things.

I am an AU on an account. It is being reported to EQ but stopped being reported to EX and was never reported to TU it looks like.  Which is somewhat weird because it is a Chase account but from my CU that my dad works for...he says they always use EX...at any rate....The account has been open since 2003 so for AAoA its great...but the util on it is like over 70%...is it beneficial for me to remove myself from the account and have it no longer report?  What could the potential pro's and con's be? I guess I'm partly confused on the fact that I know it will still show on my report for 10 years...but how could it effect my score if I remove it or continue to leave it on? Get rid of this account now! If you ever were to apply for a mortgage with this AU still active it will cause problems. You are probably losing more points because of UTI than you are gaining in AAoA.

Also, I have some student loans that were consolidated...some of the original accounts are still showing as "open" but no recent data being reported...but in one of the sections it does say it was closed/transferred for 2 of the CRA's ...but for EX it does not...is this doing anything to my score? It's odd because I consolidated from Nelnet to FedLoan...and Nelnet shows as closed....but when I consolidated the Dept of Ed to Fed Loan...the Dept of Ed is still showing as open....does this make sense? No you have me totally confused with this passage. If its confusing let me know...It is confusing. but one of the explanations given for things that were effecting my score was that I had "too many" installment accounts and I am wondering if this is why? They are all SL's...

Also,

Recently I called Chase executive office (maybe 2 months ago) and had them lower my APR's on both accounts and they also were nice enough to credit my account like $250 in back interest paid as a courtesy...I feel uncomfortable calling for  CLI on one of my accounts...you think I have a chance? Or have I used my "courtesy" changes to my account for awhile? If you haven't received a CLI in the past 6 months I would definitely call for a CLI, all they can say is no.

My FICO for EQ was 672 and this was one month ago...recently I increased my CLI by $1500 on one card...and paid down some balances on others so that could be slightly higher...my "plus" scores are all around 670...but I know those do not matter much...my util on the Chase currently is like 25% and my limit is only $1k...so I would like to increase that a bit. This last paragraph is confusing. 

Thanks for any and all help!

---

Okay...

Now it's time for my questions. Please answer briefly and to the point, if I need further clarification I will ask another question.

Are you currently a student?

Are you current with your SLs?

Do you have any baddies on your report?

What are your baddies?

How many credit cards do you have?

Who are the lenders and what are each credit card balances and credit lines?

[Kozmo]

Thanks for the reply

I will remove myself as the AU.

In regards to your questions.

1. No
2. Current.
3. 2 60 day lates on them from 4 years ago.
4. I have 5 CC's and a 6th I am an AU on
5. Amex 2300/2600
Chase 200/1000
Chase 1100/1500
Helzberg 1400/3600
AE 200/1900
Chase AU 700/1000- like I said I will ask to be removed from this account if possible.

I don't know why you needed that info but there it is. My question was primarily how the AU was hurting me util wise vs. AAOA since it is my oldest account by 4 years. It was opened 2003 and my next oldest account is Amex from 2007.


With regard to the confusion on the student loans:

I used to have loans from nelnet and direct loans. I consolidated them all to FedLoan. However, on my report it still shows some of the original direct loans as "open" and current even though they were consolidated to a new lender. I don't understand why it would show that. One of the factors given for my score was "too many accounts with balances". So I'm wondering if they are counting both the consolidated loans and the original direct loan...which in my eyes shouldn't be happening.

Make sense?


I know my util needs improvement and all that.i dont need advice on that..just how those different situations might effect someone.

[jamie123]

---

@Kozmo wrote:
Thanks for the reply

I will remove myself as the AU.

In regards to your questions.

1. No
2. Current.
3. 2 60 day lates on them from 4 years ago.
4. I have 5 CC's and a 6th I am an AU on
5. Amex 2300/2600
Chase 200/1000
Chase 1100/1500
Helzberg 1400/3600
AE 200/1900
Chase AU 700/1000- like I said I will ask to be removed from this account if possible.

I don't know why you needed that info but there it is. My question was primarily how the AU was hurting me util wise vs. AAOA since it is my oldest account by 4 years. It was opened 2003 and my next oldest account is Amex from 2007.


With regard to the confusion on the student loans:

I used to have loans from nelnet and direct loans. I consolidated them all to FedLoan. However, on my report it still shows some of the original direct loans as "open" and current even though they were consolidated to a new lender. I don't understand why it would show that. One of the factors given for my score was "too many accounts with balances". So I'm wondering if they are counting both the consolidated loans and the original direct loan...which in my eyes shouldn't be happening.

Make sense?


I know my util needs improvement and all that.i dont need advice on that..just how those different situations might effect someone.

---

I really don't I Thank Ttt

Thank you for the clarity of your response!

I really don't see a problem regarding your student loans. They may be reporting incorrectly, but they are not hurting your scores the way they are reporting.

Get rid of the AU it is doing nothing for you. You have plenty of GOOD credit to more than stand on your own!

I think you may have a problem that you don't fully understand: "too many accounts with balances"

Your score is being negatively impacted because more than 50% of your CC are reporting balances.  It has nothing to do with your installment loans. FICO will give you a BIG DING when more than 50% of your cards report balances IRREGARDLESS of the balances. On top of the "too many reporting cards" ding you have 49% UTI. Your AMEX is also at 89% alone.

These are my suggestions:

1. DO NOT CHARGE ANYTHING TO YOUR AMEX! When your balance exceeds 90% of your credit line it will send up

[MarineVietVet]

---

@jamie123 wrote:

 

I really don't I Thank Ttt

Thank you for the clarity of your response!

I really don't see a problem regarding your student loans. They may be reporting incorrectly, but they are not hurting your scores the way they are reporting.

Get rid of the AU it is doing nothing for you. You have plenty of GOOD credit to more than stand on your own!

I think you may have a problem that you don't fully understand: "too many accounts with balances"

Your score is being negatively impacted because more than 50% of your CC are reporting balances.  It has nothing to do with your installment loans. FICO will give you a BIG DING when more than 50% of your cards report balances IRREGARDLESS of the balances. On top of the "too many reporting cards" ding you have 49% UTI. Your AMEX is also at 89% alone.

These are my suggestions:

1. DO NOT CHARGE ANYTHING TO YOUR AMEX! When your balance exceeds 90% of your credit line it will send up

---

Actually it can make a difference in scoring. Not only does FICO look at the number of revolving accounts reporting a balance at the same time but also the number of all types of accounts reporting balances.

You can read this in What's In Your Score?

Edited for a typo.

[jamie123]

The bottom half of my reply was cut-off for some reason and it won't allow me to edit my reply. (And it was sooooo AWESOME!)

I'm upset at the moment. I'll be back to finish up in a bit.

[Kozmo]

Haha thanks guys.

Marine,

So I'm assuming I should find a way to get that old student loan account to stop reporting since it is essentially "double dipping"?

Jamie,

Looking forward to your next post!

Is it easy to remove myself as an AU? Can I do it myself or do I have to have the main user call?

[jamie123]

Okay...Let's try this again!

I'm not going to re-write everything but I'll give you my suggestions.

---

@Kozmo wrote:
Thanks for the reply

I will remove myself as the AU.

In regards to your questions.

1. No
2. Current.
3. 2 60 day lates on them from 4 years ago.
4. I have 5 CC's and a 6th I am an AU on
5. Amex 2300/2600
Chase 200/1000
Chase 1100/1500
Helzberg 1400/3600
AE 200/1900
Chase AU 700/1000- like I said I will ask to be removed from this account if possible.

I don't know why you needed that info but there it is. My question was primarily how the AU was hurting me util wise vs. AAOA since it is my oldest account by 4 years. It was opened 2003 and my next oldest account is Amex from 2007.


With regard to the confusion on the student loans:

I used to have loans from nelnet and direct loans. I consolidated them all to FedLoan. However, on my report it still shows some of the original direct loans as "open" and current even though they were consolidated to a new lender. I don't understand why it would show that. One of the factors given for my score was "too many accounts with balances". So I'm wondering if they are counting both the consolidated loans and the original direct loan...which in my eyes shouldn't be happening.

Make sense?


I know my util needs improvement and all that.i dont need advice on that..just how those different situations might effect someone.

---

1. DO NOT CHARGE ANYTHING ON YOUR AMEX! If you go over 90% of your credit line you will send up red flags to your creditor. You will become a prime candidate for credit line decreases when you start paying your balances down.

2. Pay the $200 Chase down to zero.

3. Pay the $200 AE down to zero.

4. Pay the AMEX down to below 80%.

5. Pay the $1100 Chase down to zero.

6. Once you have 3 cards reporting zero, pay the remaining cards down to below 30%.

7. Then ask for CLI on all your cards.

8. Then apply for 2 more prime bank cards. This will give you a cushion with the "percent of cards reporting balances".

Your scores are getting creamed by having high UTI and more than 50% of your CC reporting balances. If you fix those 2 problems, when you ask for your next CLI you will probably be walking around with a couple of $5000 to $7000 cards in your wallet and have scores somewhere around 720 to 750.

IMHO yes, the installment loans reporting wrong probably are affecting your score, but not by much. The other baddies are affecting your scores, but again, not by much.

[MarineVietVet]

---

@Kozmo wrote:
Haha thanks guys.

Marine,

So I'm assuming I should find a way to get that old student loan account to stop reporting since it is essentially "double dipping"?

---

Good luck with that! SL's definitely seem to march to a different beat than other types of loans. But yes any balance you are able to remove will be helpful.