Credit Cards Center Credit cards from our partners
Reply
New Visitor
Posts: 3
Registered: ‎12-13-2009
0

General Credit Card Questions

1. Are store revolving credit cards i.e. HomeDepot,Sears, etc. treated the same way as Bank Credit Cards?  Will your credit score suffer by closing these cards?

 

2. I was stunned to find that being a card holder on someone elses Credit Card account is the same as if I was the account owner and that it appears on my credit report. Is this correct? Even if I neverused the card, am I liable if the primary holder does not pay and is my credit card score affected accordingly?

 

3. Am I able to have my card cancelled? If yes, how will this affect my credit?  If no, is there anything that can be done ?

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: General Credit Card Questions

[ Edited ]
Hi, welcome to the forums!

1. They are treated the same. It might help to have a store card if all you have is bank cards. It definitely helps to have a bank card if all you have are store cards. At any rate, they don't hurt.

2. I assume you're talking about being an authorized user (AU), where you weren't an original applicant, and you aren't responsible to the bank for the account. Yes, you'll get all the good and bad from the account, if it shows up on your reports. Not all AU accounts do. If you were a joint holder (NOT advised!), the account will be listed, and you will be responsible for it if the other person flakes out.

3. Are you talking about getting off the AU card? If so, yes. You can ask the cardholder to remove you, or you can call the bank yourself. Some banks want to hear from the cardholder. If you can't get anywhere in this manner, you can dispute with the credit bureaus as "not mine", although you should do this as a last resort. Disputing with the CRA's can open up all sorts of headaches.

If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.
Message Edited by haulingthescoreup on 12-21-2009 03:40 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.