a relative had co-signed on a credit card for me.... the relative found out that i had accidentally gone over the credit limit (and it's a big limit) i haven't talked to the relative yet about it, but i do know that the relative knows for sure that it was over limit.... i don't know what to do or what to say to the relative about why it's over limit.. i plan on telling the truth, that i just over spend and that i am trying to get out of my hole.... i don't think she'll be all p*ssed off about it, but i do think she'll be disappointed and a little mad.. what do i do!?!?!?!?! i need to get out of this mess!!!! if you were the relative, what could i do or say to make you feel better about what i have done???? I am REALLY sorry and fully intend to pay everything off (and have been paying on it for a while, never late or anything like that....) thanks!
2007-06-25 12:40:09 · 16 answers · asked by what's it gonna be?? 2 in Business & Finance ➔ Credit
Swipping can be addictive!! I have a friend with the same problem. First of all maybe you should try cutting the card. So that you can reassure your relative that you do not intend to go over the limit anymore and you are fully just working on paying off the debt.
2007-06-25 12:45:49 · answer #1 · answered by .pretty-overt. 2 · 0⤊ 0⤋
1. I agree the 1st thing you do is come clean to your relative but when you do have a clear payment plan on how you intend to pay for this card
...this lets them know that you care and are taking this seriously
2. consider selling items that you don't need anymore either a yard sell,pawn, or ebay what ever it takes
3.it may also help to take on another job even if its just on the weekends the extra money will go a long way
4. keep a money diary(or print your statements out if you have online banking) to help keep track of where your money is going then cut out the things you don't need even the little stuff like starbux coffee really adds up BUT put that extra money on the credit card!!!
5. call your credit card company and see if they will work with you and lower the interest rate some are willing to negotiate and if that one isn't maybe you can switch to a card with a lower interest
if you do all that you should be fine but if you can't then you may have some deeper emotional issues making you live beyond your means
2007-06-25 12:56:42 · answer #2 · answered by Lenas77 2 · 0⤊ 0⤋
it's tricky when family is involved in money matters. my first question is, if it's "a big limit" how could you go over? and why? but now that you're in this situation, i would just be honest with the relative. Since you went over the limit and their name is on it too, it will effect their credit as well as yours, so no doubt she'll be disappointed and maybe mad, i mean i would be. I would try to make large payments (definitely more than the minimum) to get it down ASAP since that's the only way to redeem your credit. The thing is, even if you're not over your limit, if it shows you're using over 50% of your credit line, it still looks bad if you don't pay it off quickly. Just pay it off as quick as you can and tell the relative the amount of the payments you're going to make so you can tell her how long it will take to pay it off. whatever you do, don't just let it sit there cuz it will only get worse.
P.S. by the way, i think everyone will agree when i say i hate the credit system, it's ridiculous! =P
2007-06-25 12:51:20 · answer #3 · answered by BrwnEyes 2 · 0⤊ 0⤋
Well first, you need to just call the relative and state the problem you are experiencing. Let them know you are aware of the problem and plan to handle it as a responsible adult. Speak to the relative first, there may be a way to get the over limit fees dropped when you contact the card issuer on behalf of the card. They may even allow you to have a credit limit increase. There are many ways to fix this problem but the first thinng you need to do is be responsible and contact the relative. This is family and no matter what they will always be family. You can fix things and two heads are better than one. Call Your Relative!
2007-06-25 12:52:10 · answer #4 · answered by Crystal G 2 · 0⤊ 0⤋
why did you have someone co sign for you? becuase you didn't qualify yourself? doesn't that show that your not truelly responsible enough to use credit? No to be rude at all.
but this is just really wrong for your relative (they should have known that they where putting themselves at risk, so I don't blame you much.
ok. you want help? listen very carefully to this.
If you don't have the cash, don't buy it. period!!!!!
Don't use credit cards!!!!!!
Don't have other people co sign for you and never co sign for others.
pretty easy.
So, what good did the card do you, besides put you in debt and take what? 15% extra of your own money to buy what could have been cheaper. example
100$ bottle of wine now costs 115$ as long as you pay it off quickly.
if you don't pay is soon it will cost you 132$
be honest with you relative. go over the bill with them they have the right to know how you spend your money since its their credit thats on the line too.
complete honesty and work out a plan together.
never use credit. Its designed to make the rich richer and the poor poorer.
2007-06-25 12:48:41 · answer #5 · answered by Mercury 2010 7 · 0⤊ 0⤋
Contact the credit card company first and arrange a payment plan. Ask them to freeze the card so your can't spend anymore on it until it is paid. Then contact yoru relative immediately and tell them the arrangements you have made.
Also ask the credit card company to decrease your limit, so you don't blow out again. The credit card company has probably already contacted the relative via a letter, so call them asap.
2007-06-25 12:44:28 · answer #6 · answered by Puss in Boots 4 · 0⤊ 0⤋
You may as well fess up. Because they are going to find out regardless. Cut up the card and close the account. Mainly because you are affecting others credit score. Try to get a card on your own. I assume you may have tried that and that's why you had to get a co-signer. I would never co-sign for anyone. I ended up paying off someone else's vehicle and it had a negative affect on our friendship.
2007-06-25 12:45:31 · answer #7 · answered by laid back brainstormer 2 · 0⤊ 0⤋
I had credit problems 10 years ago. I stopped spending (including eating cheap) & worked 2 jobs for 5 years. Now I have perfect credit.
2007-06-25 12:44:00 · answer #8 · answered by Fitz 3 · 1⤊ 0⤋
Give the card to your relative, and never use it again. Keep paying on the balance. That will show you care about them and regret what you have done to their credit history and their reputation.
2007-06-25 12:44:28 · answer #9 · answered by lollipop 6 · 1⤊ 0⤋
offer to pay the over the credit fee which is about 40 dollars
2007-06-25 12:42:55 · answer #10 · answered by simplemiss71 1 · 0⤊ 0⤋