What do I do? My mom ruined my credit.?

Question

I need help!!! I'm 25 years old and have only held 2 credit cards in my posession that I always pay over the minimum amount or completely if possible and a student loan that in deferment till December which i plan to pay consistently and on time, BUT 20+ open accounts under my name on my credit because my mom's credit was so bad she couldn't get anything so she convinced me that opening and using ALL of the offers I got through the mail would help build mine, BUT now I have so much open credit it's ridiculous almost all the cards are maxed out some over the limit. Granted they're paid by her every month on time BUT I CAN'T GET ANYTHING!!! I have all this debt and I've never even used these accounts!!! What can I do? There in my name but I don't pay on them and I definitely have never used them. This is so unfair!!! MY MOM RUINED MY CREDIT and I'm responsible!

Answer 1

Since you signed all of the contracts for the credit cards, you are responsible for the debt.

There is nothing you can do to your Mom legally since she has not violated any laws. Unless she forged you name on the receipts. Then she has committed fraud and you might be able to get out of it if you reported her. Especially if the bills were sent to a address that is different than yours.

Take all of the cards away from your Mom and cut them up so she can not make this any worse. And then make her pay them off.

Now for a word of warning, if she is the kind of mother that would do this to her own daughter in the first place, she most likely will not pay after you take the cards away.

I wish you the best of luck.

Answer 2

Look at this a serious life lesson. Your initial instincts were probably correct. You should not have opened all these accounts but you allowed your mother to convince you to do something against your better judgement. You failed to ask yourself why your mother wanted to use credit in your name rather than your own and what the consequences would be.
So that is what happened and this is what is now.
Tell your mother that you will no longer be responsible for her financial future. You say she is paying off the bills so she must have some sort of income.
Immediately close all the accounts. In your letter to the credit card companies, tell them truthfully what has happened and why you are closing the accounts. It won't help in the short term, but having this information in their files and your credit report may be helpful down the road.
Explain to your mother, that her failure to finish paying off the bills will cause you continuing credit problems for potentially the next decade, (true.) It will be your decision if this affects your relationship with her. (Think about this carefully and do not make threats you are unwilling to carry out.) With luck, the two of you can maintain your relationship on good terms.
Be prepared for the fact that you may up having to pay off her debts. It's not right, it's not fair, but that is the way it is.
Since your student loan is being deferred, it suggests you are still in school or are a recent graduate. In either event, the good news is that very soon you should be able to get a good paying job and will have more resources to dig yourself out of this situation.
Sit down and write out a budget. Reduce your costs as much as possible. See what you can do to maximize income. (A little tutoring on the side? Occassional seasonal work? Turning a hobby into a small side business? It takes time and effort, but you can choose to do this.)
No matter what, save a little out of each paycheck to be put aside for emergencies. Your goal should be to have 6 months cost of living expenses set aside in some sort of readily accessible cash assets. Even if you can only save $5 dollars a week, save that $5. With each raise you get, put 50% of that extra take home pay into savings. It won't be easy, but each dollar will put you closer to your financial goals.
Having a cash reserve will give you options all the rest of your life.
If you and your mother come to the point that you have to re-pay her debts, call all the credit card companies before they start calling you. Explain the situation and work out a payment schedule now. Work toward paying off the higher interest cards faster. Insist that they work with you to lower the finance percentages. If they won't, transfer the balances to the cards with the lowest rates.
Go to the Internet and research cards with teaser rates--sometimes you will find one with low or no interest for a year or six months. Transfer card balances to these cards and then track the time carefully and transfer the balances again before these rates expire. It will take time and effort, but you can save serious interest money this way. (Think of it as another part time job.)
Once you get this resolved, promise yourself you will never allow yourself to be put in this situation again. It will get better. It will.

Answer 3

close all the accounts you can and call those card companies and see what they can do to help you out. This was a hard lesson to learn huh! I always live by the four Fs Friends Family First to F*** you!

Answer 4

Yes, if you signed the contract you are responsible. It's sad when family members use you to get what they want, but let's face it you let her.

Cut up the cards, and minimize your losses. You may want to consider a Chapter 7 bankruptcy. You need to try to get her to sell something to pay these off otherwise she needs to get a couple of jobs.

Answer 5

well first off close those accounts... I would report your mother, sorry to say... I would also watch what you do in the future, and keep track of your credit report because she does still have a lot of information on you...

Answer 6

only one thing you can do. have to make mom get and or you will have to get the accounts closed. she will try to guilt trip you, but you have to now look out for yourself. but you HAVE to do it.

Answer 7

The cards are in your name...cancel them!