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Will this ruin my mom's credit if i do this?
Ok so i am a authorize user on my mom's credit card ( for school etc) i do help her pay the card since it is almost maxed out.
Anyways i have an old debt from 4 years back i've been struggling to pay it's about 11k worth of credit card debt (had to pay for medical bills, medicine etc) one of my coworkers told me last night, she has 2 more years until her old credit cards will be off her credit score (that 7 year SOL).
I want to do it but knowing how crappy my luck is, i might get screwed over, sued, and my wages will be garnished lol.
So my question is since i have that card in my mom's name as me as an authorize user and it is in fact on my credit report will her credit get effective if i do just stop paying for all my cards?
Thank you very much for reading.
Yes i will be continuing to pay off that card (my mom's) since it has the highest credit limit.
All my cards are current, i was just thinking of doing it b/c i feel since things keep happening and i have to use my money else where, this debt isn't going anywhere.
Also i did do a consolidation, but after i got discharged from the navy and couldn't get my job back i had to cancel it but 3 months later i got my job back but none of the cards wanted to put me back with the consolidation.
3 Answers
- Steve DLv 79 years agoFavorite Answer
I assume that you mean you will stop paying for all the cards in your name, but continue paying/helping to pay for the card in your mother's name. If so, no, it will not hurt your mother's credit since that would be the only account that shows up on both reports. Note however that if you have been making payments on your existing cards and they have not been put into default status, that pesky little 7 year drop off Statute of Limitations may not have started up yet.
- Go with the flowLv 79 years ago
Credit card companies sue you right before they are due to fall off the reports.
I've seen it time and time again.
Perhaps their thinking is that after a few years, you will become more financially stable and be able to pay.
In fact, I have never seen credit card companies just "give up".
Perhaps it happens if the amount is small such as $200.
But not for 11 grand.
