Ok friends and FPU Peeps. Here is a story for ya. I've had a task on my list for a number of months now "Check Annual Credit". It kept getting forwarded and the other morning was the day I set aside the time to check it off the list. So I ran a report from 1 of the 3 agencies for my wife and I. I only ran 1 so I had the option to re-run it later if I needed to dispute anything and wanted to check if the change was made later.
I was reviewing my report and low and behold and open credit card! How could this be? I looked at the card issuer and the account number are realized it was a card associated with my Mom's account. When my Dad, I still miss him a bunch, passed back in February I was added as the joint party on their old join bank account. This allowed me to help with bill payment and banking stuff. What I didn't expect was their credit card now became MY credit card, YUCK.
I touched base with Mom and she agreed to close it. Here is the initial response I received from the credit union in regards to the request to close. I figured you guys would get a kick out out of it! Thank you for contacting XXXX Federal Credit Union. If you would like to close your Visa Platinum Plus we can certainly do this for you, but we wanted to take a moment to discuss a few key things that may affect your decision. By closing a long standing line of credit, it could hurt your credit scores and make them lower. There are two major items that are looked for on your credit history, the first is payment history and the second is the length of time your accounts have been opened. Additionally, another one of the things that is looked for on your credit report is the amount of revolving balances that you have available to spend. By leaving this card open with no balance, it could help keep your scores up because it will supply a larger amount of availability. If you would still like to proceed with closing your card we can do this, but we just wanted to let you know how it may affect your credit. As always, please let us know if you have any questions or if we can assist you further. We are always happy to help. Thank you and have a great day!
I've had to make a few calls and emails at this point to get it closed. My Mom even got the speech above about "this is not a good idea".
Dave Smith is part of the KCC finance staff and a Dave Ramsey Certified Coach.