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2griffith

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I am a co-signer on the Nelms Dr household which is my sons. I didn't know that would be on report
I did not realize by co-signing on on my son's house that his credit would go against my credit because I am never or have been late on any of my debts.. Most of the CC cards I have I don't even use but was told not to close them because it would go against my credit, therefore am just leaving dormant. Is that correct information or should I close them?

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Yes, any time you co-sign, you are just as liable for that debt as the signor, and it goes on your credit and is also calcluated in your debt-to-income ratio.  Co-signing is never a good idea, but what's done is done.  As soon as he is able, get your son to refinance the mortgage into his name alone so you can get off the note.  Do not close your credit cards, they are helping your credit score.  Just use them once a year to keep them alive.  You don' t need to carry any balance, you can just charge a tank of gas & pay it right off.  

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