- August 8, 2011 at 2:35 pm #228826
The last FICO score I have available to me is one from TransUnion from September 25 2007 at 833 when I applied for a home equity line of credit with Bank of America (the negative points were lack of recent installment loan information & revolving-account balance too high – I was renovating my condo & putting everything on American Express, paying it off on time and in full monthly).* I am an authorized user on a separate Amex Platinum Delta SkyMiles Credit Card with a credit limit of $8000 that has been open for 8 months.* This card is paid in full every month soon after the statement is available.* In July 2011 there were a few large charges and the statement had a balance of $5236 – which meant the utilization was very high.* I signed up for the MyFico 10-day free trial to do a check on my score; the Equifax score showed 754 with the problem being ‘ratio of revolving balances to your credit lines is 49%’*showing the balance on the revolving cards was $5900.* *The Equifax report shows 7 active accounts, 4 with balances (the 3 accounts without balances are all closed for 9 or more years).* Of the 4 accounts with balances, one is a Bank of America Visa with a $66 balance on a $12000 credit limit (paid on time and in full), an American Express Platinum Card with a balance of $622 (paid on time and in full), and a home equity line of credit, properly reported as a mortgage (unused).* The average age of my accounts is 15 years with the longest being the American Express Platinum Card open for 27+ years.* The owner of the Amex Platinum Delta SkyMiles Credit Card could easily get a credit-line increase since the account has been open for more than 6 months and the total history with American Express is almost 7 years.* Periodically we do put large purchases on the Amex Platinum Delta SkyMiles card and always pay them on time and in full.* To get my score back up to the 800+ level, would it be best to close my Amex Platinum Delta SkyMiles Credit Card authorized-user account or have the card owner get the largest credit-limit increase possible and continue to use the card?* Thanks for your suggestions and let me know if any other information is needed.
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