my husband and i have a jcpenney account together. however, he left me and im wondering if closing the account will affect my credit. The acct is paid (no money owed and its a joint acct)
2007-07-03 02:26:02 · 12 answers · asked by Melissa M 1 in Business & Finance ➔ Personal Finance
No it won't. It could have the opposite affect and improve your credit.
2007-07-03 02:30:59 · answer #1 · answered by Old Man 7 · 0⤊ 0⤋
Melissa: Leaving that account open allows your (ex?)husband to have a spending spree and max out the account, and if he didn't pay, JC Penney would come after you since it's a joint acct. Close the account YESTERDAY in person, and open a new account just for you. You should do this for everything held jointly....credit cards, checking, savings accounts, beneficiary of life insurance or any stocks/bonds you may own. Change your will. If you are renting, you can probably wait until your lease is up to renegotiate that, but only if you're living there. If you are buying a house or have paid off the mortgage, get the deed rewritten and recorded if the house "goes to you." Also, tell him first, but get him off your car insurance and car title. Everything that's held jointly can hurt you financially if he's got the revenge bug. This may sound real cold, but break-ups often bring out the worst in people's emotions, and you don't want that "worst" haunting you for years.
2007-07-03 03:18:04 · answer #2 · answered by gorge momma 3 · 0⤊ 0⤋
Close all joint accounts. Place an ad in a widely circulated area newspaper that you are no longer responsible for your husband's debts (use his full name), and keep copies of the printed classified ad. Before your credit score lowers due to no credit history (the result of closing all accounts) re-apply for credit in your own name but only get one department store card, one credit card, one personal loan from a credit union, one gas card, and one home improvement store.
These days you can do with just one credit card, but you need to maintain a credit score/references so you need more than just one lender of record.
No matter how much your limits are, never borrow more than three months salary worth at one time on all credit combined except for vacations or emergencies. And, always pay more than the minimum payments.
2007-07-03 02:43:10 · answer #3 · answered by Silent Gams 5 · 0⤊ 1⤋
Close the account. Closing any account has a temp negative , but should be cleared in 6-9 months.
2007-07-03 02:37:44 · answer #4 · answered by jon_mac_usa_007 7 · 0⤊ 0⤋
It may effect your score by a couple of points if you close the account, but it's worth it.
By closing it you are making sure that your husband can not run up the account and then not pay it sticking you with the bill.
The other thing you can do is contact J.C Penney's and see if they can simply switch the account to your name only.
2007-07-03 02:31:02 · answer #5 · answered by ? 7 · 0⤊ 0⤋
No it won't negatively impression your credit to close it yet be constructive to close it and have it stated which you do no longer % it to ever be reopened as a joint account given which you're actually not to any extent further together. as quickly as you have closed it get a affirmation that it truly is closed and save that variety so as that if he reopens it you may practice which you weren't in touch interior the recent quotes.
2016-10-19 01:53:43 · answer #6 · answered by christler 4 · 0⤊ 0⤋
Nope, it will just show as "closed" on your credit report. As long as it's paid off, it won't look bad. I've closed several credit cards for less important reasons :)
2007-07-03 02:32:29 · answer #7 · answered by Katie S 2 · 0⤊ 0⤋
Close it, before he charges something and does not pay for it. This will affect your credit negatively. I would close it.
2007-07-03 02:30:15 · answer #8 · answered by New Moon Daughter 6 · 0⤊ 0⤋
No, it will not hurt your credit. Close it out right away in case he decides to charge things up.
2007-07-07 02:16:54 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Your credit wont be affected at all! As long as the balance has been cleared you will be fine!
2007-07-03 02:29:27 · answer #10 · answered by Anonymous · 0⤊ 0⤋