Dealing with the financial mistakes of my past - Opening up credit under my name for relatives

To sum it all up, my fiance offered to pay both of my loans off. I asked her to pay the other 2 (fam) instead and she said she felt more comfortable paying off mine first. I now have a 0 balance on my end, the payment plan she worked out was that I would pay her back whenever she needed the money. What I have done instead is setup an automated amount of $100 to go into her bank account every month. Even if at any point she goes psychotic and wants to leave, I have enough money to give her everything at once. I know this may not have been a good decision on my end, but I've thought it through for a bit and have prepared myself for whatever worst case scenario that may happen.

Anyways, I agreed to that because that leaves more money in my pocket every month. I'm going to be able to save a bit more money into my savings account. If I can at least get another 3k saved up, I would put in 5k down on the credit card and slice off a good portion of my dad's bank of america balance. Bringing it down to somewhere around 4-5k. I know my dad would then be a lot less stressed and slowly pay me back the money every month after the full balance is paid off.

I know I could just pay off the lowes credit card, but the amount my dad is losing, paying $350 a month towards interest is ridiculous. I'd like to reduce the overall balance so more of his money goes towards the actual balance and not the interest fees.

They don't need my help with anything other than financially, but I've already told them I could not help anymore since I'm over here in another state about 20 hours from them on my own with no family or friends and in a very unstable relationship.

Spoke with my sister earlier today, she told me her husband has done over 5-6 interviews the past 2 weeks alone and another one scheduled today. It's good news, but I'm not holding my breath, whatever happens will happen, and they've got a long ways to go before they can put all focus on paying off my stuff.

I'm obviously going to have to keep myself under control and don't spend money on anything I don't absolutely have to. I've done it for a while, so its nothing new to me, and I know I can do better.

Most likely what will happen is I will end up paying off everything and they will just have to slowly pay me back. I'm also working my ass off with side freelance projects getting some extra money to help my savings goal to put towards my family's cc balance. This years been interesting, lots of milestones I've passed, lots of new ones coming ahead, but I'm pretty damn determined to have my plan in progress and met by the end of this year.

To sum it all up, my fiance offered to pay both of my loans off.
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but I've already told them I could not help anymore since I'm over here in another state about 20 hours from them on my own with no family or friends and in a very unstable relationship.

after 7 years write to 3 credit cos to take it off your record


a creditor normally has 7 years to collect on a debt, before it ages off your report.. In most cases the original creditor makes a few attempts over the next 6-12 months to contact you regarding your debt. If they don't get anything during that time, then the debt is sold to a 'collection agency' who;s sole mission in life is to take money from consumers that do not know the law..

so, then a few months later you start getting calls from someone claiming to be from the original creditor, and as soon as they have verified you are the chump they are looking for, then they open a new tradeline and the collection clock starts all over again, and even though that bill you should have paid in 2003, would have dropped off in 2010, now you have a new line for the same debt, but this one started in 2005, so now you have 2 times the damage to your report, and another 2 years to put up with the calls. Every time that debt is sold, a new company will try to wrangle some cash out of you and the moment, the very second they confirm you are who they are looking for, BINGO.. a new tradeline appears on your report, and the 7 year collection clock starts all over again.

realize one thing.. NOTHING YOU DO AT THIS POINT WILL MAKE THIS A POSITIVE LINE ON YOUR CREDIT.

even if you paid the line in full now, it would go to the collector that bought the debt, not the original creditor, and that COLLECTIONS line will still be there..
It is always easier to avoid new tradelines being created than it is to get a collection agents tradeline removed once it hits your file..

give no info out over the phone

to put it to you as easily as possible, my partner has a gambling problem and I knew it from the beginning, thought I could fix it, but it never happened. Eventually, what was the stepping point of me finally getting somewhat of a clue that this time she is finally serious about not going back anymore is loaning me most of what she has in her bank accounts so she has no "cravings" if you want to call it that.

Just tell her the easiest way to avoid bad things is to have more sexy time with you. It's a win-win.

Have you pulled your free credit reports to see if the loan payoff has hit? I would pull one report and see if the loan is showing a zero balance (https://www.annualcreditreport.com).

I would strongly suggest you do the balance transfer (BT). Legally you are on the hook for the balance anyway. I know Discover has 3 cards right now that have 0% for 15 months on balance transfers. Most cards are 3% BT fee, but the one time $300 charge you will make back quickly.

Best case scenario the whole thing gets transferred over and you save a ton in interest and apply everything to principal. The worst thing that can happen is you get rejected. Another card or a rejection will not kill your credit score either.

Are you 100% sure that your dad will continue to pay you $350 a month until the balance is paid off? A lot of people will disagree with this; however, if you know he will, I would NOT put him on the new card. This way he no longer has any access to credit that's also in your name.

Over the next year, at $350/month he will pay down $4200 all towards principal. At that point you could try another balance transfer, or IF you could pay the other $6k off, then it will only take a year and half of your father paying $350 to recoup that $6k.

How is your sister's card going, have they been paying the minimum since you closed it? Any luck on the job interviews for them?