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Seeking Advice! Long standing CC account affecting Experian Score?

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Established Member

Re: Seeking Advice! Long standing CC account affecting Experian Score?


@Remedios wrote:

@metalli   I've asked your thread be moved to scoring forum, so those who have particular interest in all matters scoring related can help you with that part of your question. 

 

I hope you can get to the bottom of it and I hope to see the approval thread from you, also. 


Thank you kind sir!

Message 11 of 22
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Super Contributor

Re: Seeking Advice! Long standing CC account affecting Experian Score?


@metalli wrote:

Hi everyone!

 

New to the forum here Smiley Happy I want to first tell everyone here what a great community this is! Very informative and helpful.

Now, I'm hoping anyone can help me with my particular situation (I really would appreciate it and I apologize my ignorance before hand!) 

 

A quick rundown of facts to help everyone understand my situation:

 

  • Experian: 722
  • Equifax: 791
  • TransUnion: 806
  • 1% Credit Usage (I always pay my CC's at the end of the week)
  • Thin File (2 CC's and 2 Store Cards)
  • 1 Late Payment (3 years ago)
  • No Mortgage
  • No loans

I've been struggling to increase my Experian credit score despite always paying my credit cards at the end of each week after missing my payment once 3 years ago and experiencing a massive drop in score. My score 2 years ago was "Exceptional". then went to "Very Good" after that missed payment and for the last year have been up and down between "Good". I really don't know why it's been hard to get it back up. Since then despite all my efforts to be good, my score has not gone back to "Very Good".


What puzzles me most is why my Experian score is so much lower than my Equifax and TransUnion reports.

 

After reseraching and requesting a detail report on all 3 bureaus I noticed that the only difference between all these reports is that the Experian report is reporting a credit card account of 32 years that my mother had assigned me as an authorized user when I was back in college (mind you I'm 32 years old now so this card is old as me). Unfortunately, she paid off this CC and closed it back in 2015. The other two bureaus don't have this on their file. Now, I've heard that by closing an account, your credit score takes a hit. Suprisingsly, only Experian seems to have this card on their file and the rest don't. I called my bank which handled that card and they confirmed this and offered me to remove this report off their file and report it back to Experian (as I was only an authorized user). However, I'm not really sure if that will help me any way get my score up OR bringing it down even more...

 

I'm very keen on applying for an AMEX Platinum card however due to my 722 score, I'm certain they'll decline me. 

 

Any thoughts on how to improve my credit score and if I should proceed to eliminate that 32 year credit card account (now closed) off my file? 

 

I really would appreciate the insight!

Thanks!

 


Frankly, I can't imagine why the older card would be hurting you; it should be helping you if anything. But if it were me, and if it were truly the ONLY difference between my Experian profile and the others, and my Experian score was much lower than the others, I would take them up on their offer to ditch it.

 

The Amex platinum isn't hard to get, it's easy to get; Amex is glad to get your $550 annual fee. My EX score was probably around 70 points lower than yours when I got an Amex business platinum card.


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 725 TU 752 EX 732

Message 12 of 22
Highlighted
Established Member

Re: Seeking Advice! Long standing CC account affecting Experian Score?


@SouthJamaica wrote:

@metalli wrote:

Hi everyone!

 

New to the forum here Smiley Happy I want to first tell everyone here what a great community this is! Very informative and helpful.

Now, I'm hoping anyone can help me with my particular situation (I really would appreciate it and I apologize my ignorance before hand!) 

 

A quick rundown of facts to help everyone understand my situation:

 

  • Experian: 722
  • Equifax: 791
  • TransUnion: 806
  • 1% Credit Usage (I always pay my CC's at the end of the week)
  • Thin File (2 CC's and 2 Store Cards)
  • 1 Late Payment (3 years ago)
  • No Mortgage
  • No loans

I've been struggling to increase my Experian credit score despite always paying my credit cards at the end of each week after missing my payment once 3 years ago and experiencing a massive drop in score. My score 2 years ago was "Exceptional". then went to "Very Good" after that missed payment and for the last year have been up and down between "Good". I really don't know why it's been hard to get it back up. Since then despite all my efforts to be good, my score has not gone back to "Very Good".


What puzzles me most is why my Experian score is so much lower than my Equifax and TransUnion reports.

 

After reseraching and requesting a detail report on all 3 bureaus I noticed that the only difference between all these reports is that the Experian report is reporting a credit card account of 32 years that my mother had assigned me as an authorized user when I was back in college (mind you I'm 32 years old now so this card is old as me). Unfortunately, she paid off this CC and closed it back in 2015. The other two bureaus don't have this on their file. Now, I've heard that by closing an account, your credit score takes a hit. Suprisingsly, only Experian seems to have this card on their file and the rest don't. I called my bank which handled that card and they confirmed this and offered me to remove this report off their file and report it back to Experian (as I was only an authorized user). However, I'm not really sure if that will help me any way get my score up OR bringing it down even more...

 

I'm very keen on applying for an AMEX Platinum card however due to my 722 score, I'm certain they'll decline me. 

 

Any thoughts on how to improve my credit score and if I should proceed to eliminate that 32 year credit card account (now closed) off my file? 

 

I really would appreciate the insight!

Thanks!

 


Frankly, I can't imagine why the older card would be hurting you; it should be helping you if anything. But if it were me, and if it were truly the ONLY difference between my Experian profile and the others, and my Experian score was much lower than the others, I would take them up on their offer to ditch it.

 

The Amex platinum isn't hard to get, it's easy to get; Amex is glad to get your $550 annual fee. My EX score was probably around 70 points lower than yours when I got an Amex business platinum card.


Thanks for the insight! I'm going to try to apply for the AMEX Business Platinum Card - just worried a bit since when I went ahead and did the prequalifying check, I didn't seem to get approved. Anyways, I'll give it a try! Thanks

Message 13 of 22
Highlighted
Senior Contributor

Re: Seeking Advice! Long standing CC account affecting Experian Score?

They old card may not even be affecting your FICO 8 & 9 scores, if it is flagged by the anti-abuse portion of the algorithms. Nevertheless, it is EXTREMELY helpful to your 5-4-2 scores no matter what, assuming no lates. I would keep it if its clean.

Again, how many days late is the late? Just 1? This is important.

Thin file is magnifying everything. What's your AooA?
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 14 of 22
Highlighted
Established Member

Re: Seeking Advice! Long standing CC account affecting Experian Score?


@Birdman7 wrote:
They old card may not even be affecting your FICO 8 & 9 scores, if it is flagged by the anti-abuse portion of the algorithms. Nevertheless, it is EXTREMELY helpful to your 5-4-2 scores no matter what, assuming no lates. I would keep it if its clean.

Again, how many days late is the late? Just 1? This is important.

Thin file is magnifying everything. What's your AooA?

Thanks!

 

Here you go!

  • Average Account Age: 9 years, 7 months
  • Oldest Account: 32 years, 2 months

Also, when looking into the late payment - it actually happened with my Macy*s card and it seems to have been late past 30 days (not sure exactly how many days but it came up as past 30 days) I rarely use that card hence why I forgot I even had a payment due. I called Macy*s and they will be calling me in 3 days to provide some more info on the late payment. 

 

Here's some more info, in case this helps!

 

Credit Card Lending 

  • FICO Bankcard Score 8: 736
  • FICO Score 3: 791
  • FICO Bankcard Score 2: 821

Thanks again!

 

 

Message 15 of 22
Highlighted
Senior Contributor

Re: Seeking Advice! Long standing CC account affecting Experian Score?

Listen, you can look on your CR and see if its a 30, 60, 90. or 120+ day late.

As Super Contributor @Remedios already stated, I think you need to attempt to GW that late. Its holding you back.

Your ages are great. If you can GW that late, your scores should raise and then maybe you can gain a few great CCs and get outta that thin magnified scorecard.

Good luck!
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 16 of 22
Highlighted
Established Member

Re: Seeking Advice! Long standing CC account affecting Experian Score?


@Birdman7 wrote:
Listen, you can look on your CR and see if its a 30, 60, 90. or 120+ day late.

As Super Contributor @Remedios already stated, I think you need to attempt to GW that late. Its holding you back.

Your ages are great. If you can GW that late, your scores should raise and then maybe you can gain a few great CCs and get outta that thin magnified scorecard.

Good luck!

Thanks! I appreciate the insight!

Message 17 of 22
Highlighted
Senior Contributor

Re: Seeking Advice! Long standing CC account affecting Experian Score?

Make sure and come back and let us know how it went. Also you’ll find a lot of help in the rebuilding section for the GW.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 18 of 22
Highlighted
Established Member

Re: Seeking Advice! Long standing CC account affecting Experian Score?


@Birdman7 wrote:
Make sure and come back and let us know how it went. Also you’ll find a lot of help in the rebuilding section for the GW.

Hi everyone!

 

Update: Unfortunately, despite numerous chats with several different people over at the Credit Services Department at Macy*s, no one was able to grant me the one time GW on my 1 and only late payment 3 years ago. I even spoke to a supervisor in that department and she tells me that they no longer do that (I don't believe her). Anyways, despite speaking to 4 people in total since I opened this thread, I let it be. Maybe I'll try calling again in a few weeks.

 

Update 2 (AMEX PLATINUM): Well, guess what?! I was approved! Now my thin file is growing and will help offset that one missed payment.

 

Thanks to everyone who answered and helped me with their insight and advice. 
Much appreciated!

 

Message 19 of 22
Highlighted
Super Contributor

Re: Seeking Advice! Long standing CC account affecting Experian Score?


@metalli wrote:

@SouthJamaica wrote:

@metalli wrote:

Hi everyone!

 

New to the forum here Smiley Happy I want to first tell everyone here what a great community this is! Very informative and helpful.

Now, I'm hoping anyone can help me with my particular situation (I really would appreciate it and I apologize my ignorance before hand!) 

 

A quick rundown of facts to help everyone understand my situation:

 

  • Experian: 722
  • Equifax: 791
  • TransUnion: 806
  • 1% Credit Usage (I always pay my CC's at the end of the week)
  • Thin File (2 CC's and 2 Store Cards)
  • 1 Late Payment (3 years ago)
  • No Mortgage
  • No loans

I've been struggling to increase my Experian credit score despite always paying my credit cards at the end of each week after missing my payment once 3 years ago and experiencing a massive drop in score. My score 2 years ago was "Exceptional". then went to "Very Good" after that missed payment and for the last year have been up and down between "Good". I really don't know why it's been hard to get it back up. Since then despite all my efforts to be good, my score has not gone back to "Very Good".


What puzzles me most is why my Experian score is so much lower than my Equifax and TransUnion reports.

 

After reseraching and requesting a detail report on all 3 bureaus I noticed that the only difference between all these reports is that the Experian report is reporting a credit card account of 32 years that my mother had assigned me as an authorized user when I was back in college (mind you I'm 32 years old now so this card is old as me). Unfortunately, she paid off this CC and closed it back in 2015. The other two bureaus don't have this on their file. Now, I've heard that by closing an account, your credit score takes a hit. Suprisingsly, only Experian seems to have this card on their file and the rest don't. I called my bank which handled that card and they confirmed this and offered me to remove this report off their file and report it back to Experian (as I was only an authorized user). However, I'm not really sure if that will help me any way get my score up OR bringing it down even more...

 

I'm very keen on applying for an AMEX Platinum card however due to my 722 score, I'm certain they'll decline me. 

 

Any thoughts on how to improve my credit score and if I should proceed to eliminate that 32 year credit card account (now closed) off my file? 

 

I really would appreciate the insight!

Thanks!

 


Frankly, I can't imagine why the older card would be hurting you; it should be helping you if anything. But if it were me, and if it were truly the ONLY difference between my Experian profile and the others, and my Experian score was much lower than the others, I would take them up on their offer to ditch it.

 

The Amex platinum isn't hard to get, it's easy to get; Amex is glad to get your $550 annual fee. My EX score was probably around 70 points lower than yours when I got an Amex business platinum card.


Thanks for the insight! I'm going to try to apply for the AMEX Business Platinum Card - just worried a bit since when I went ahead and did the prequalifying check, I didn't seem to get approved. Anyways, I'll give it a try! Thanks


I have never been preapproved for any of the cards I've gotten.


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 725 TU 752 EX 732

Message 20 of 22
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