Originally Posted by
hotpancakes
Thanks, one further question. One of the Cash Rewards cards has a cosigner from way back when I opened the account. *If* my accounts were closed, could the closure propagate to that other family member's accounts, too? For reference, they live at a different address.
Co-signer or Authorized User?? There is a big difference. The former is guaranteeing your paying the bill and will be on the hook if you decide to go on the lam and charge $100K prior to doing so.
An AU is simply another name on the card. Their charges will revert to you and if they go on the lam and charge $100K before doing so, you will be on the hook for payment.
Eliminating an AU from the card is usually quite easy and just requires you calling the CC company and telling them to take that person off the account. If they have a separate CC#, then that number gets deactivated. If you both have the same CC#, then the bank may need to issue you a new CC.
On the other hand, eliminating a co=signer means (usually) that you will need to apply for a new CC based on your credit only. You may get a new card with or without a credit line difference, or you may get refused because your credit alone is not good enough for the CC company.
Bottom line..... big difference between the two terms.
Edit to add: If you are the co-signer on their credit card account, then your withdrawing from their credit line may shut their account down since they may not have enought of a credit history or score to satisfy the CC company. (Just in case )