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Hi all,
I have a question. A relative of mine added my name to one of his credit card accounts and also had another card issued to me on the same account. However, that account is maxed out and this is dragging my score down. I am not the primary holder on that account.
If I have my name removed from this account and cancel my card, will that improve my credit score? Or will there be any negative effect?
Thanks in advance for helping.
Hi Eugen,
Welcome to creditmagic,
I am unaware about your status on the card.i am assuming that you are co-owning the card with your relative.as far as removing your name from the card is concerned,you may do so but again this has to be sanctioned/agreed by both, your relative as well as card issuing bank.
So if you could be able to convince both of these parties you could be able to remove your name from the credit card and your credit will also be improved.
Thanks
Ensure...
account dragging your score down
Hi Eugen,
If this account is hurting your credit, I think you should remove your name from this account. However, this will depend on whether you were added as a co-signer or as an authorized user.
If you were added as an authorized user, you can remove your name quite easily from this account. However, if you are a co-signer on this account it won't be easy to remove the name till you pay off the dues.
Thanks,
Aaron