Will removing myself as a co-applicant of a credit card change my credit score?

My fiancee and I opened a 0% balance transfer card where she was the applicant and I am the co-applicant. It was used to get about $ 7000 of credit debt that was only in my name to 0%. The card has a $ 7500 credit limit on it so it is not great for credit. Her credit score is great even with that on her report. I want to raise mine. If we have me removed as the co-applicant will that account be taken out of my credit report? That would remove $ 7000 of debt off my reports. I still have a good amount of available credit on other accounts so I figure that I could raise my score if I am taken off that account. Is that possible and are there any other consequences?

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