Questions?? Need you Experts!!

Discussion in 'Credit Talk' started by Berru, Feb 26, 2008.

  1. Berru

    Berru Well-Known Member

    I'll start by saying thanks, Love this site. I am kicking ass and taken names with the creditors.

    1. I have one credit line from a credit card that I know is my dads, but is in good standing, has a zero balance and has never been late. Credit limit of 23,000. Should I have this removed or could this be helping my credit?

    2. Installment loan with a bank, never late, zero balance, has been payed off for about 8 or 9 years. What about this one? I know its also in the good standing part of my credit report, but its old should it be removed?

    3. I have a credit card from about 9 years ago. Zero balance, zero late payments, zero past due, the status is closed about 9 years ago. What should I do with this one? I closed the account. Closed by consumer.
     
  2. jlynn

    jlynn Well-Known Member

    Leave all of these alone. There are very rare instances when you should mess with a positive tradeline.
     
  3. bizwiz41

    bizwiz41 Well-Known Member

    Agreed, you want to keep all these tradelines on your reports. They are significantly helping your credit score.

    For instance, your "Dad's" account is similar to what many people pay a good sum of money to get added to their reports.
     
  4. Berru

    Berru Well-Known Member

    People pay to have things put on there credit report? Why? and how can I do this I need all the help I can get.
     
  5. bizwiz41

    bizwiz41 Well-Known Member

    There is much debate about it, but there are "purchased Authorized User" accounts out there. The quick summary of them:

    1) You purchase the tradeline, which is being added to an existing account holder's account which has a long credit history and low utilization ratio.

    The account holder does get a payment for this, and once you are added, and the account hits your credit reports, you are then removed. The account will continue to report. You never receive the actual card, or full account information. You are only purchasing the tradeline.

    As to effect, there are reported FICO score gains of 40-90 points.

    If you would like more information, I recommend that you visit apexcrsrv's website.

    http://www.apexcreditservices.com/
     
  6. jlynn

    jlynn Well-Known Member

    Your Dad's card has the same affect as a purchased AU account.
     

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