Does closing a joint credit card hurt your credit?

If you’ve got other credit card debt, closing a joint credit card can cause your credit scores to drop. Losing the available credit on the joint account will affect your credit utilization ratio, or the amount of credit you’re using divided by the total amount available.

Should I close a credit card account after paying it off?

If so, the short answer is usually no, you don’t need to close the accounts. Paying down or paying off your credit cards is great for credit scores, but closing those accounts will likely cause your credit scores to dip, at least for a little while. This is especially true if you close more than one card.

Can I remove my name from a joint credit card?

Unlike a credit card with an authorized user, you generally cannot remove one name from a joint credit card. Joint accounts base the allowable charging balance or the account itself on the credit history of both applying parties.

Is it bad to close a line of credit?

Depending on your total available credit, closing a credit card account with a high credit limit could hurt your credit score, particularly if you have high balances on other cards or loans. To make sure closing one card doesn’t impact your score, pay off balances on all other cards.

Who is responsible for paying off a joint credit card?

If your teen is added as an authorized user, he can use your credit card account but ultimately is not responsible for paying the bill. Partners who have a joint credit card account are equally responsible for paying off the balance. For this reason, it’s important to trust the person you open a joint account with.

How to get rid of joint credit card debt?

Most importantly, try to leave your marriage with no joint debt. Pay off the joint cards together or divide up the debt on joint cards and transfer it to cards in each partner’s name. Cancel all undiscussed joint credit cards. Clearly agree to who will pay off the debt on which cards.

What’s the best way to close a joint account?

Prevent expensive overdrafts and delays in closing your account and ensure that all outstanding checks have settled. Likewise, cancel any automatic bill payments. Research the past 12 months of activity so you don’t forget anything. Destroy debit cards and checks linked to the account to prevent mistakes in how you close your joint bank account.

Is a joint credit card account right for You?

Is a joint credit card account right for you? Some credit card issuers may give you the option of opening a joint credit card account. This can help simplify finances for married couples and other partners, but sharing a card isn’t for everyone.