My parents has had me on their medical credit card for years now (didnt ask for it, they just put me on it) and because they dont manage credit well. I just got approved for a credit card and my credit has gone up a little since, earlier this year it was 740. Now that i checked before getting my credit card, it was 620 (alarming) and now that I got approved it got bumped to 670. Idk how accurate that is, but thats what my bank is telling me.
I was wondering, because my parents dont manage it well and i dont want their mismanagement of the medical credit card to ruin my credit while im trying to build it, would it hurt my credit score to have them take me off of it? The account isn't getting closed because it'll still exist and working, it just wont be under my name/bank anymore.
Is that the same as closing an account? i know thats bad for the credit score but im not sure if its the exact same as just being removed from it but the card/account isn't closed. Sorry if this is a dumb question, im very new to credit
Being removed from a credit card
byu/Wolftail747 inpersonalfinance
Posted by Wolftail747
2 Comments
Yes remove yourself from any credit card that you don’t own, especially ones that are not being paid
If you’re an authorized user on their account, you aren’t responsible for any debt, but their late payments will affect your credit score.
It’s only beneficial to be an authorized user when the primary card holder is making on time payments and keeping utilization low. If theirs is high right now, it’s negatively affecting your credit score by quite a few points.