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Originally Posted by neatdesign
Diolla -- After thinking about it, I'll probably close just one or two of our credit cards if I close any at all. Of the three accounts, one (the oldest) is joint, one is in Mark's name only and the others are in my name with Mark as an authorized user. Since Mark is new to this country -- he emigrated from England three years ago -- his US credit history is very new so I want to make sure his individual account has time to build up a solid history.
I should point out that, despite the credit card debt we have now, we do NOT normally use our credit cards. We basically went to them as a last resort when we had no other means or savings to keep afloat. So simply having the credit cards does not mean that we will automatically use them.
~ Jenney
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I agree if you want to build up his credit definitely keep the one in his name. I had assumed from your original post that you had at least 5 open accounts. If you go in for a mortgage, even with excellent credit scores, and have 4-6 accounts with a possible $25-50k credit line the bank will be concerned you might use all that available credit and have trouble paying your mortgage. It sounds like you have the right idea though.
I did not mean to imply you would use them indiscriminately. I am one of those people who is allergic to plastic, if I have one I use it promising I will 'pay it back' and then don't. The only way I know to deal with it is to not have any, like an alcoholic I can't even have one stashed away, just in case. I put a permanent opt out on my credit report so I don't even get offers anymore (boy is my mailbox empty most days
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From your posts it sounds like you know what to do and have the drive to do it so about all I can add is an 'atta girl' I know you are going to be alright!