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katt9333

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What will happen if I close a credit card account?
I'm now an adult and receiving credit cards under my name only. I'm thinking about having my parents cancel my account on their credit card. We three are listed on the card but I have not been using it in over a year since I have opened up my own credit cards. If I opt out, will it affect my credit score although I am just an added account on their credit card?

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assuming they have healthy scores 720+ YES because you are tied into there credit...you get a benefit of there high score but its a 2 sided coin should they or you miss a payment it affects everyone....and yes it will knock your age of accounts down but your young so its not that big of  deal to fall back from say 2-3 years to 1 year...utilization will also be decreased so make sure your new card is below 20% thatss pretty much it

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katt933

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I have questions.

What do you mean by cancel "your account on their card"?

Is this some kind of joint acct?, or did they just have a card made in your name and sent to you and added you as an authorized user?

Whose acct is it? Yours or Theirs?

Does this acct show up on your credit report, or only theirs?

I dont know what it means to have "an account on someone else's card"?

If they just had a card made for you on their account then you are just a user and not really part of the account.  I dont think it means anything if you have them turn the card in.

If I am way off base here, please disregard.  If not, please let me know how this works.  I am always wanting to learn.

Rich

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