Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
Re: Parents have Credit Cards on my name screwing my Credit Score

OP, whether they are your parents or not, you are going to have to take SOME kind of action if you expect your situation to improve.


i'm not sure what your parents' situation is, that they need to use your credit cards.  you still have not fully explained why your parents are using credit cards that are in your name.  did you cosign for them?  are you just letting them use your cards as if they belonged to your parents?  i understand you don't want to hurt your parents, but they are hurting you & your wife's future by running all this debt up for you, regardless of whether they are paying it or not.  it still shows up on your credit reports as your debt, not as debt your parents are paying for you.


your credit score is not going to get better if you don't get the balances down & you are losing available credit every time your credit limits get cut.  closing the cards will hurt your score for now, but as long as you slowly pay the accounts down, your scores will go back up again.  i don't think you should be worrying about your scores so much as worrying about this massive amount of debt that isn't yours.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.