Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
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Thread created 06-12-2012 by executivedealer
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59 Replies
8,338 Views
Wow! That sounds great. I think your fiance was right in paying off your debt and not your families. The only thing that concerns me is this area. There are some great pre-marriage classes,...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Doesn't sound too unstable! :woot:
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
I agree that you're going to have to stay on top of it. They could always apply for a Chase Slate and see if they get it based on their score (your score) and do a no fee BT out of your name and into...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
^ This. It's time you get the insider info on where they stand financially and not just on your credit card debt. They may just be afraid to get new credit cards knowing they still owe $4K on your...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Thinking they'll get denied isn't the same as actually filling out the forms and seeing if they get denied. The only way they'll get denied for sure is if they don't try.
If I had thousands at a...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Thanks for all the updates, OP. This thread reminds me not to get family too involved with finances.
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
reminds me of a man named kenny powers :cool:
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
freeze both accounts. Transfer balance to a new credit card under your name and hopefully 1 year 0% APR. Settle debt with sister for 50%. Ask them to pay 2000$ or in payments and pay off the...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Another thought, depending on your housing situation and work/tax situation.
Why not buy the house from your father/or transfer ownership to you. You will need some tax write offs. Assuming the...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
I agree to disagree. Many times these cases end badly. OP may have to pay the entire debt and write it off as a learning experience. Half the debt may be better than nothing. At least it's an...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
I know $300k doesn't go far for a house in some parts of the country, but in most parts of the country, a $300k house is a long way from living in a cardboard box. And I hope the owers don't have a...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
This morning I closed the credit card my sister had. Then came to Bank of America, this was a pain in the neck. After the end of the phone call, I totaled 73 minutes. I was transferred and hopped...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Kids are the last thing on my mind, at least not until I have a house and financially stable enough to provide in case I lose my job.
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Depends on whether kids are a good thing or a bad thing... :D
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
daycare can be provided by unemployeed siblings as a form of repayment.
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Deus and nav001, 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...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
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...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Most colleges do have Personal Finance courses. I took one in 1997 at my local community college. The major universities all have them. For example, here are two offerings at PSU:
FIN 108...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Sorry about late response. Yes, I am 99% sure they will pay the monthly fee. Sister / Brother in law has not lucked out with any interviews yet. Yes, they have been paying the minimums. Since I...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
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...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
You need to close the accounts. Not just freeze them.
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
You need to cut up those cards. There is a reason why they do not teach Personal Finance and Budget 101 in colleges, and have credit card representatives handling out *free* t-shirts if you sign up...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
I offered to buy my parents house to puta roof over their heads and as an investment/place to live/tax write off; however, we lived in a nice house in a ghetto city. Something that I would never...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Screw that.
If they won't/can't get new cards in their name to shut down the current card, then the OP should close the accounts anyway. Either way, the current accounts are turned off for new...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
It may be worth cutting back on student loan repayment. Just pay the minimum. 3 reasons.
1. tax deductions
2. you can claim financial hardship if needed and defer payments for a bit. I dont...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
That's good advice jaqnabox.
I think you do need some backup plans in case they cannot get new credit cards, but I don't think it's time to settle on 50 cents on the dollar yet, especially since...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Why not? $500 is still $500 you don't have to pay and it may be all you can count on. You can try to haggle and offer a settlement to the credit cards yourself. Offer a set amount and then GET IT...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
He's right. The lower rates are harder to find. Try to get as low a rate as possible.
How high are the credit card rates? Can you find anything lower? Penfed (the federal credit union that...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Assuming you could even do it, depends on how big of an interest rate difference there would be, I guess.
Too bad it's harder to get the sweet "1.9% until it's paid off" transfer balance deals...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Yeah, this thread is very sad to me. He loves them more than he loves himself, and they love themselves more than they love him. Perfect storm for an abusive relationship with his family.
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
or send them to credit.org
sign up for free seminars on budget balancing and paycheck planning.
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Spent an entire week pushing my sister to spend 5 minutes on signing up for the application, finally did it and only got approved for $500. We ended up not getting the card.
At this point,...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Alright. Good job closing the sister's account. Now you must get dad's account closed and work on reducing the interest (if possible). Those late payments aren't going to help. You have assessed...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Yeah, forget it; I'm not going to risk signing up for a credit card with the possibility of getting denied. I have enough "credit" as it is thanks to my family. Until I can get them out of the mess...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
I've made some development with my student loan / car loan and it will let me refocus my efforts primarily on my dad and sister's cc debt. I'll post more on this tonight after work.
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
It sucks that you have been used by your family and they have no respect for your credit. Are they still using these cards that are in your name? If they haven't paid them off in the 7-8 years that...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
I think this is the most feasible option for me at the time being. I will have to talk to them and see what they say, my parents have never been smart financially; especially my dad. I know he...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Let's say the OP is going to pay $2k of someone else's $4k debt, and that the main reason he is doing so is because they so far haven't stepped up or they're broke or whatever. ...the owers are...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
It goes back to protecting yourself. Building up your own safety net/credit. I believe the OP's goal was to shore up his own future. It would be great to close out the cards, pay of the debt, and...
Dealing with the financial mistakes of my past - Opening up credit under my name for relatives
Expired
Thread created 06-12-2012 by executivedealer
+2 Score
59 Replies
8,338 Views
Transferring the credit over to them (and you paying the fees) seems the best course of action. Unfortunately, all these family members could have trashed their own credit and may not be able to...
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