When I was too young to know better or do anything about it, my father had me co-sign a bunch of loans, etc. that subsequently defaulted and therefore trashed my credit. The one benefit was his credit card, which had a sky-high limit, a long history, and was never late. That card was closed at the end of 2002, and I'm worried that it's about to drop off my credit report and dump my credit score, which has finally nosed above 700 for the first time since college after several years of restoration work. Is there any way to keep an old account on there? Could I open a new account with the bank and somehow tie it to the old account number? If I lose this, my available credit will drop by literally 90%, my credit history will go from 27 years to maybe 11, and I'll be left with all of the negative items (which won't drop off for another couple of years) still on there - in other words, I can probably kiss that 700 goodbye.
Since your father's card was closed in 2002, it probably shows up on your credit report as a closed account that was paid as agreed. Closed accounts in good standing won't hurt your credit score, and they typically will continue to be reported that way for about 10 years. So, you've still got some time before that account might disappear. Also, it's a closed account, so there's no reason to believe it's currently helping your credit utilization in terms of available credit. Your available credit only includes the limits for your accounts that are currently open and active. You're right though, when the account does drop off at some point in the future, it will affect the length of your credit history. Unfortunately, there's really no way to avoid this. Whether you like it or not, it's going to drop off at some point.
Also, it's a closed account, so there's no reason to believe it's currently helping your credit utilization in terms of available credit. Your available credit only includes the limits for your accounts that are currently open and active.
2012 should be the date around which it will drop. Continue to be responsible and the hit when it drops off your report should not be as much. Keep in mind the ratio of accounts on your file does factor in your score. When that does drop your ratios shift.
If the card is closed thats it you cant link other accounts to it. Get a prepaid card or dept store card and start building it up again
