Parents have Credit Cards in my name screwing my Credit Score[ Edited ]
02-19-2011 10:28 PM - edited 02-19-2011 10:51 PM
Hi. I really need help, coz it is getting frustrating and effecting my relationship with my parents - they have 3 credit cards in my name (It is NOT my debt, it is theirs, but with my name on the paper. They also make the payments). So, I have almost $100,000 outstanding balance ($33,000 on credit cards and $67,000 on school loans). Having this much debt, plus I missed a couple of payments on 2 of my school loans, my Credit Score is really low. I do my best to improve my Credit Score, putting my all to lower Utilization Ratio, but it does not help because the part my parents owe is 3 times greater than all of my credit cards together.
In my name, they have $25,000 outstanding balance with 88% Utilization Ratio on 3 cards, I have 5 credit cards with $8,000 balance and 60% Utilization Ratio. My parents pay minimums only on the cards, always in time. But creditors keep reducing credit limits on 2 cards, and the 3-d card is closed with $4,000 balance on it. Parents can't (don't want) to pay extra on the cards. I hardly convinced them to pay $100 over the minimum on the card that has 100% utilization ratio and $14,000 balance.
I got married last year, and we have dreams/plans, but everything crashes into the debts we have (even though we don't owe 3/4 of it!). I want these cards off of my hands. I talked to my parents many times, but "there is nothing more they can do". I tried to google what we can do to put the debt from my name to theirs, but couldn't find anything. Thought about Borrowing against home equity, but they live in a mobile home (info I found: hard to get a loan for it). If you guys have any ideas or suggestions, I would be more than happy to hear them. Any your help will be GREATLY appreciated!