The story: my parents opened about 4 credit cards in my name over the last ten years (I am in my late 20s). I discovered this when I pulled my own credit report after being denied a home mortgage because of high debt to income ratio. The confusing part is that my parents have never made a late payment on those cards, and always paid in full every month. Thus, I have great credit; my 3 credit scores are above 700. I have no other debt, other than student loans (which are not used in the DTI ratio calculation for the particular loan I am looking at).
Now my husband is legitimately freaking out. His concerns are that my parents ruined my chances of obtaining a mortgage and insists that the high balance on the cards under my name are the reason why I was denied a mortgage, regardless of whether or not they were paid in full on time. Is there any possibility that this is true? We did ask our lending officer but he has not responded and frankly I am certain he does not want my business.
My husband also wants me to close all the credit cards that I did not open and manage myself. This is where I don't agree. All but one of those cards are currently active, the other three have been carrying a balance of 0 for years. We've already spoken to my parents and they agreed to stop using all the cards. My husband and I both understand that closing these cards will hurt my credit, but he still insists that it is the right thing to do in order to protect ourselves from my parents fraud. Should I close these cards? How badly will this affect my credit score and for how long?
Submitted March 31, 2019 at 07:38AM by fencermedstudent https://ift.tt/2HYYSdw
