Understanding credit info

Discussion in 'Other Credit Card Programs' started by Lyssa, Mar 23, 2011.  |  Print Topic

  1. Lyssa
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    Lyssa Silver Member

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    Okay, so I recently have applied for the Citi AA card, Chase CO, and Cap1 Venture. I have an old Sears Citi card and it had a link to get my credit score for free so I signed up. I think it is the same as credit karma, it pulls information from my TransUnion info only.

    So, I'm trying to put together all of this information. It looks like I'm doing okay overall, but I'm trying to put together a few things. Apparently I have 36 total accounts showing up???? I have no idea what all of these accounts are. It says 12 are closed accounts. How long do closed accounts continue to show up? Also, I know I've been an authorized user on some of my mom and husband's accounts, will that show up on my report?

    Also, the average age of my open credit lines is 7 years with my longest being almost 15 years. I will keep that longest card open for sure, but I had a couple of cards floating out there, like the Sears Citi, that I was going to close to not have so many accounts, but will that hurt me then? Which is worse, having so many open accounts or closing some slightly old accounts?

    Thanks for any thoughts, I am so new to this, I never got several credit cards at once like this so never really thought about credit. I already have my mortgage, so that's not a problem.
     
    jbcarioca likes this.
  2. Well, first off BUMP... I'd like to see replies as well. I'm planning to ask a similar question.

    I suggest you start by getting your report from the other 2 as well. You can get them for free (google free annual credit report) w/o score or pay a nominal fee to include the score. Some lines only report to certain bureaus so YMMV. I am an authorized user on several of my spouse's accts and most, if not all, appear on my report as well. We have almost identical reports/scores which is fairly common.
     
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  3. Lyssa
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    Lyssa Silver Member

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    This is what's weird to me. If your mom or husband adds you to their account, you can't really control that account, so it doesn't make sense that you should be judged by that account. My mom has a tendency to max out her cards, so if they are including cards of hers that I'm an authorized user on, that will probably hurt my utilization and I can't do anything about it! Plus, she probably has a tendency to make a late payment here and there. It's so crazy for that to be counted in with your credit. I know I asked her to take me off of those accounts in the past, but the credit card companies aren't quick about doing that.

    If they do take you off as an authorized user I wonder how long that would show up on your account?
     
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  4. N965VJ
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    N965VJ Silver Member

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    My understanding is that having someone add you to their account does not affect your own rating, as it is not an additional line of credit. Outside of the hassle you being caught with a card that is not usable due to being maxed out by the holder of that account, any issues should not affect you directly. A spouse, of course is a different story.
     
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  5. Also, you might check the difference between authorized user and additional card holder. A quick google search leads me to believe certain cc companies view these differently and therefore may report differently.
     
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  6. gpaya
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    gpaya Gold Member

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    Note that unless it's from www.annualcreditreport.com (FTC approved once yearly credit reports) there will be a fee there somewhere.

    I want to say for at least 10 years - but I could be a bit off. Either way, the number of accounts doesn't matter - especially if they are closed. Institutions will look at available credit, average balances, income etc to make their decisions.

    Also, FICO (the credit score calculators) does not use authorized users as part of the score calculation. However, authorized accounts will show up on your report.

    There's no reason to close an account if you don't have to (e.g. annual fee renewal). Each institution will underwrite you for a total portfolio exposure across a number of their cards. Having a long credit history, steady and stable income, as well as low balance levels will help you in the end.

    I just applied for a UA card with chase, for example, and they weren't going to extend my credit line as I have a lot of open credit with them now. Instead, I moved my credit to the new UA card effectively closing my other account and having no change to my portfolio limit.
     
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  7. Lyssa
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    Lyssa Silver Member

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    Thanks for all of the responses!

    I guess I will just keep my Citi Sears and Chase Slate open then. It feels weird having them out there, it seems cleaner to close them, but if they aren't giving me any negative impacts I guess it doesn't matter.
     
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  8. Original Member
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    Keeping them or getting rid of them doesn't do a whole lot either way. I personally trim my cards down if they're long dormant in case there's a new sign on bonus for "new cardholders" only. It seems that the databases go back only so far and you can get these bonuses if you wait long enough.
     
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  9. jbcarioca
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    jbcarioca Gold Member

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    Authorized users do not appear as account holders in any credit report normally, but if the additional user signs as a joint obligor the credit may be reported, but often is not.
     
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  10. jbcarioca
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    jbcarioca Gold Member

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    Credit history appears for ten years, as do public records such as bankruptcy or legal actions. Account opening dates appear for any open account. Thus, accounts closed as long as 9 11/12 years ago will still appear on the credit report. Thus, active credit users usually have lots of closed accounts. It is wise to check every one on your own report because errors are common.
     
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  11. booyaa
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    booyaa Silver Member

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    I have noticed that my Citi AA Business Visa and Delta Gold Business AMEX accounts both dont show up in my credit report. I applied as sole proprietor for both. Anyone else see the same?
     
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  12. techboyds
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    techboyds Silver Member

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    Most issuers don't generally report business trade lines on the personal credit report.

    Unless you default. Then they've been known to put negatives on the personal report.
     
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  13. jbcarioca
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    jbcarioca Gold Member

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    If you had a distinct FEIN there will be no personal credit report entry. If you applied with your own personal data the situation is more ambiguous, but even then it is rare unless the credit line is below $25,000.
     
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  14. booyaa
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    booyaa Silver Member

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    My credit lines are 5k and 3k for the business accounts. Guess they still don't report them. Fine with me :)
     
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  15. jbcarioca
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    jbcarioca Gold Member

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    It is normally not done with business lines at all, but if it ever is it is for the smaller lines. You also might want to be aware that business cards are exempt from many consumer protection statutes and practices. The reason issuers like them is the advantage they get in reduced overhead and increased interchange.
     

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