topic Re: Relieving cosigned credit card debt $10K in Credit Cards

Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 22:43:02 GMT

Im posting this per my Father,

I currently have 5 credit cards listing as follows

Citicard (2 cards) $6000 balance with CL of $6000 "maxed" 18 month no APR

GM Card $3700 with CL $10000 CL

Visa/Chase $2000 balance maxed

Visa/Chase/Amazon $1000 maxed

My daughters debt is joint account as primary holder on my cards while away at college. The joint accounts are the Citicards and the GM card. 99% of the debt on these cards was her doing that I was unaware of. Is there a way to relieve myself of these maxed cards and lower my overall debt being reported to the CBs. Im having difficulty getting approved for loans for personal use due to her debt. most likely because I show these cards maxed out on top of a mortage and car loan. She is making mininmum payments. I would like to find a way to solely put it in her name. This is even with a 750 credit score and spotless CR. Please help

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 22:45:18 GMT

Correction my daughter is an AU on these cards.

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 22:46:31 GMT

welcome to the forums if i read that right, sounds like ur in big trouble, but my eye sight not all that good, il let others chime in

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 22:46:56 GMT

cut her off!!!!!!!!!

Re: Relieving cosigned credit card debt $10K

RockinRay — Thu, 29 Dec 2011 22:49:18 GMT

I agree - you need to get her off of those cards for sure, and the sooner the better!

You will have to help her get them paid down if you can, but this is hurting you so I agree with dalebb... CUT HER OFF!

Ray

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 22:51:26 GMT

Paying them off yourself or her taking out a loan (in her own name) to pay them off are the only things I can come up with.

Others may chime in with more palatable options/opinions but that's the risk we all assume in co-signing.

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 22:51:35 GMT

Dad: My main concern is the Visas and GM card because they have APR (in her name solely) and shes trying to pay these and my no APR citicards she racked up that shes AU on. Ive tried increasing CL on the no APRs to transfer off the GM and Visas to allow some breathing room and consolidate the debt. No one can approve her for a No APR card in addition due to her cards being maxed and average CS. Im personally just trying to relieve myself of the debt situation and allow her to continue making payments without being dinged with APR. Should I keep Chp 7 as a last ditch effort?

Re: Relieving cosigned credit card debt $10K

LS2982 — Thu, 29 Dec 2011 22:53:08 GMT

@Anonymous wrote:
Im posting this per my Father,
I currently have 5 credit cards listing as follows

Citicard (2 cards) $6000 balance with CL of $6000 "maxed" 18 month no APR
GM Card $3700 with CL $10000 CL
Visa/Chase $2000 balance maxed
Visa/Chase/Amazon $1000 maxed

My daughters debt is joint account as primary holder on my cards while away at college. The joint accounts are the Citicards and the GM card. 99% of the debt on these cards was her doing that I was unaware of. Is there a way to relieve myself of these maxed cards and lower my overall debt being reported to the CBs. Im having difficulty getting approved for loans for personal use due to her debt. most likely because I show these cards maxed out on top of a mortage and car loan. She is making mininmum payments. I would like to find a way to solely put it in her name. This is even with a 750 credit score and spotless CR. Please help

I would cut her off the cards, and make sure she starts paying more than the minimum.

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 22:53:01 GMT

Im just kind of copying and pasting for him via our conversation hes not very computer savy

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 22:57:10 GMT

Paying APR is the cost of doing business with them. Nothing is free.

Why would you want to go BK?

Re: Relieving cosigned credit card debt $10K

n777ua — Thu, 29 Dec 2011 23:02:59 GMT

If I'm reading this right, she is AU and you are the account holder - so technically it is YOUR debt. Cut her off, pay off the debt as you see fit, and estabilish some kind of repayment schedule to you personally - if this is feasible. As far as getting the accounts in HER name only, I don't think thats possible. She could apply for credit in her name only, then BT the debt onto those cards.

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 23:03:54 GMT

@Anonymous wrote:
Dad: My main concern is the Visas and GM card because they have APR (in her name solely) and shes trying to pay these and my no APR citicards she racked up that shes AU on. Ive tried increasing CL on the no APRs to transfer off the GM and Visas to allow some breathing room and consolidate the debt. No one can approve her for a No APR card in addition due to her cards being maxed and average CS. Im personally just trying to relieve myself of the debt situation and allow her to continue making payments without being dinged with APR. Should I keep Chp 7 as a last ditch effort?

r u insane, u have worked hard to get where u r, go online and cut her CL to 0.00 and start paying off or have her get a loan like op said

Re: Relieving cosigned credit card debt $10K

JusdoNit — Thu, 29 Dec 2011 23:10:13 GMT

I can understand why some parents say "I love you way too much to co-sign for you." She had a no (actually she had 2) no APR cards and she abused them. Or did you not set clear and concise guidelines for the use of the cards from the get go?

Making her take out her own loan to pay down your cards is a brilliant idea. Bottom line is...How will you be able to save the whole ship if you don't fix the hole that's taking on so much water that may lead to ALL of you drowning in the end?

I sincerly hope it works out for the both of you.

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 23:11:06 GMT

@Anonymous wrote:
@Anonymous wrote:
Dad: My main concern is the Visas and GM card because they have APR (in her name solely) and shes trying to pay these and my no APR citicards she racked up that shes AU on. Ive tried increasing CL on the no APRs to transfer off the GM and Visas to allow some breathing room and consolidate the debt. No one can approve her for a No APR card in addition due to her cards being maxed and average CS. Im personally just trying to relieve myself of the debt situation and allow her to continue making payments without being dinged with APR. Should I keep Chp 7 as a last ditch effort?
r u insane, u have worked hard to get where u r, go online and cut her CL to 0.00 and start paying off or have her get a loan like op said

It'll get ugly once over the limit fees kick in.

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 23:11:24 GMT

@JusdoNit wrote:
I can understand why some parents say "I love you way too much to co-sign for you." She had a no (actually she had 2) no APR cards and she abused them. Or did you not set clear and concise guidelines for the use of the cards from the get go?

Making her take out her own loan to pay down your cards is a brilliant idea. Bottom line is...How will you be able to save the whole ship if you don't fix the hole that's taking on so much water that may lead to ALL of you drowning in the end?

I sincerly hope it works out for the both of you.

well said

Re: Relieving cosigned credit card debt $10K

Anonymous — Thu, 29 Dec 2011 23:13:43 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Dad: My main concern is the Visas and GM card because they have APR (in her name solely) and shes trying to pay these and my no APR citicards she racked up that shes AU on. Ive tried increasing CL on the no APRs to transfer off the GM and Visas to allow some breathing room and consolidate the debt. No one can approve her for a No APR card in addition due to her cards being maxed and average CS. Im personally just trying to relieve myself of the debt situation and allow her to continue making payments without being dinged with APR. Should I keep Chp 7 as a last ditch effort?
r u insane, u have worked hard to get where u r, go online and cut her CL to 0.00 and start paying off or have her get a loan like op said
It'll get ugly once over the limit fees kick in.

omg ur right,, it will snowball from there

Re: Relieving cosigned credit card debt $10K

pmbrian — Thu, 29 Dec 2011 23:15:14 GMT

Sorry to hear you are facing this situation and sorry to hear that this is a close family member (your daugter)...

No chapter 7 is not your option, they will come after anything you have and it will crush your credit for years. Why do you think you are Bankrupt?

Others who have already said this are correct, these are your accounts and you are leagally responsible for the debt that she ran up as a Authorized User on your account, there is no way to transfer them over to her, because she obviously has no credit and is irresponsible with money.

Do the following today:

1) Call the credit card companies and REMOVE her as a AU on your accounts

2) Determine a payment plan from her to you

3) Have her pay you back the entire amount no matter how long it takes.

Good luck.

Re: Relieving cosigned credit card debt $10K

Anonymous — Fri, 30 Dec 2011 00:42:04 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Dad: My main concern is the Visas and GM card because they have APR (in her name solely) and shes trying to pay these and my no APR citicards she racked up that shes AU on. Ive tried increasing CL on the no APRs to transfer off the GM and Visas to allow some breathing room and consolidate the debt. No one can approve her for a No APR card in addition due to her cards being maxed and average CS. Im personally just trying to relieve myself of the debt situation and allow her to continue making payments without being dinged with APR. Should I keep Chp 7 as a last ditch effort?
r u insane, u have worked hard to get where u r, go online and cut her CL to 0.00 and start paying off or have her get a loan like op said
It'll get ugly once over the limit fees kick in.
omg ur right,, it will snowball from there

Can a highest reported balance showing as maxed-out hurt (during a manual review) even after being paid?

Re: Relieving cosigned credit card debt $10K

Creditaddict — Fri, 30 Dec 2011 01:22:04 GMT

Okay wait I got lost after the first 2 posts from OP:

Can you do the list again....

Which Cards are JOINT?

Which Cards are in YOUR name only?

Which Cards are HER name only?

The cards in her name only if you are on you need to dispute with all 3 CR to remove you from account

The cards in your name only that she is AUTH on you need to first delete her and then have her dispute the accounts to all 3 of her CR.

This will get each party a little less in debt on paper.

The joint accounts I would have closed instantly, some banks will allow you to removed a joint applicant like Chase but the person would have to qualify on there own credit just like a new app with that debt, not very likely in this situation I wouldn't think so I would just close before it gets worse.

Now if you do the things above how much would still be in your name and what UTIL would those debts be at and besides these cards with daughter what other credit cards do you have in your name only or husbands name and what kind of limits and balances over those?

member of credit union? they might work with you if you clean it up a little bit.

Re: Relieving cosigned credit card debt $10K

JustMe77 — Fri, 30 Dec 2011 01:45:31 GMT

If she's authorized user (instead of a joint account holder) on your accounts, remove her ASAP.

See if she can open her own cards and transfer the balances to her own name, or take out a line of credit to do the same. At the very least, make her sign a promissory note so that you can go after her later for the balances.

Expensive lesson learned, I'm sorry you are dealing with this.