To close CC or not?
When I was in college I was unable to get a credit card. My mom co-signed with me, and I had a limit of $500 on the card. She never uses that card but her credit is kinda of going downhill, she doesn't know how to control her money. Anyhow, I don't want my credit to go down the tubes bc of her -I have my own credit cards now, but still have this one as a co-owner. I never use it and they keep sending me one, when the expiry date comes around - should I cancel it and will it hurt my credit score? Even if I'm listed only a co-owner? Will cancelling it hurt my mom's score further?
Any comments would be helpful.. I'm in Canada if that makes a difference. Thanks.
|