I need to know whether or not to be pizzed. Ok, first of all, I had to obtain a credit report for someone... When I get it, I see some things that should be there. My two CCs and my college loans. I also see some things that I didn't know would be there. My mother has had me as a "user" on about 7 of her CCs. Well, of course my credit score is a low 677 because of her. I am canceled on nearly all of hers now. Once I am canceled, will those still show up on my credit report or will they be magically gone? Again, I was only a user on her cards...
Everything is paid. My mother isn't/wasn't a jackleg that doesn't pay her debts. But according to my report, it makes it look like I have 1000's in debt.
From what I know you will no longer be responsible for those cards as long as the principal balance has been paid off... AFTER you cancelled yourself as a secondary user.....so if there are still balances on your mother's cards then you are still responsible....don't know if it will remain on your credit report, I'm thinking it will since you are legally responsible if the primary defaults.
closing multiple accounts regardless if they were paid or not, will affect your credit score negatively. and if all the cards were paid, then it shouldn't show that you have a bunch of debt. that's actually good for you.
Are you sure about that? It's not "regardless." If you pay off a debt, then close the account, your score should ( <- a'la WWR) go up, no?
He's talking about closing a bunch of accounts at once. It probably makes it look like something weird is going on. Let's face it, though...if you leave the toilet seat up, it affects your credit score...
Damn. I could just see the credit people's brains working: "Wow, Mr. Swoly, you now are successful, have more money, so you can afford to pay and close your accounts... so what we're going to do is ram this huge pipe up your hiney and bring your score even lower... that'll teach ya!"
for whatever reason, your score will go down. i think it's b/c it gives the impression that you are having a hard time paying your bills. it's always a good idea to keep them all open, especially if they have no balance.
OK... now I understand... from your last post, macalu... but what about those yearly fees and fees for "just having the card" ?
If you're getting charged fees for simply having a credit card, then you got a pretty sh*tty credit card.
unless it's an American Express, you shouldn't have cards with fees on them when so many offer it for free. but i'd trade a yearly fee for interest payments 11 times out of 10.
