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Healerman

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Should I drop credit cards that I am not responsible for payments for?
I am listed on two credit cards in the name of another family member. I am not responsible for the payments and I do not use those two cards. Should I remove my name from those cards to allow me to get more credit in my name? Will the lower amount of credit reported in my name allow me to apply for more credit that I can use?

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Weigh the Effects

Dropping the cards could lower your score by showing less available credit if those cards have low balances with respect to their limits. By dropping those cards, it could also mean reducing the length of your credit history, which also would likely lower your score.

If the person(s) responsible for the cards keep high balances or run the risk of making late payments, it might be wise to have yourself removed from those accounts.

You will only look better to credit card companies by dropping the cards if they carry high balances. Having cards to your name with low balances shows that you use the credit wisely and aren't trying to live beyond your means. So removing you name from those cards won't necessarily allow you to obtain more of your own credit, it all depends on how they are currently being used.

Find out how those cards are being utilized, then make your desicion. Those cards may be helping your credit score more than they are hurting it.

Hope that helps!

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Want information to be accurate

It says I am applying for a loan, which I am not.  I want my information to be accurate, but cannot figure out how to delete this entry.

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