Should I lend my sister my credit card? Fox Business
Q: May I lend my reliable sister my credit card? Hers was terminated because someone else was putting charges on it. Does she sign her own name on the bills? Thanks!
A: Whoa! Despite all good intentions, you both could get into some sticky situations if you decide to go that route.
Here's a fact you probably won't know unless you work in the retail industry or you spend lots of time on a credit card bulletin board like CardRatings.com's:
Signatures don't matter.
More to the point, what you sign on a receipt only matters to the extent that it looks vaguely like the signature on the back of your credit card. Under merchant agreements with all four major payment platform providers, retailers can't ask for photo ID or challenge a customer about the name on the credit card they present for purchase. All they can do is verify that the signatures match.
I've seen otherwise well-balanced individuals work themselves up into a foaming-at-the-mouth frenzy when discussing this facet of credit card security. Store owners and many customers would love to see the banking industry support checking photo IDs against credit cards at time of purchase. While it's fair game to check identification for certain contractual transactions, most of the time, merchants can lose their charging privileges for this kind of activity.
Credit Card Debt Information : Does It Hurt a Credit Rating to Cancel a Paid Off Credit Card?
Canceling a paid off credit card can hurt a credit rating because credit card companies can pretty much do anything that they want. Consider ...
Is Bankruptcy the best choice for an unemployed person with $25K in credit card debt?
I was recently terminated from my job in July and am having difficulty finding a new one, but in the meantime I have about $25K in credit card debt and not able to make payments. A credit counselor suggested bankruptcy, but I know the consequences of such action. However, without a job I have no money and I do plan to get one as soon as possible. So please don't tell me to get a job, I already know that and doing everything I can by applying for many different positions. But given my current situation, is bankruptcy my only choice and is it better to do when you are unemployed or have a job? I have also already tried to contact the creditors to negotiate the terms, but no luck since my credit is in such bad shape. Any suggestions?
I forgot to add something...will filing bankruptcy hurt my chances of getting hired for another job?
Go to this site: http://www.nfcc.org/ They are Consumer Credit Counseling Service (CCCS), a legit non-profit company. They offer free credit counseling and have a debt management program available, if you qualify, for no fee.
They can look at all you debts and advise you how to proceed.
If you have $25K in credit card debt, you didn't run that up in just the past couple months. You have a real problem living beyond your means. If you had managed your finances better, losing your job would not have put you on the verge of bankruptcy in two short months.
Those credit agencies can arrange payment options for you with lower interest rates, but you'll still be paying for years to come. Some people feel a moral obligation to re-pay what was loaned to them, but I have so little respect for the business practices of these lenders that I wouldn't worry about that. You have to focus on what's best for you and your financial security.
Gather all your bills and go see a bankruptcy attorney. Listen to what he/she tells you. You can always elect not to file, but get some information so you can make a wise decision.
One thing, until you get a company, here is something that can help you keep from any law suits: As long as you are paying something to any company per month, even it is just a few dollars, they cannot prosecute you. It shows good intentions. Good luck.
If you consolidate all your debt of your credit cards, does this terminate the credit cards ?
I'm not in massive debt, but I lost my job and I don't plan on using credit MUCH so i just want it all paid so I don't have to worry about the balances, but I don't want to lose my credit cards.
Be wary of one thing.. some credit card issuers will actually decrease your credit limit or close the account for "no activity". Although this usually only happens after long periods of inactivity with no balance, I have seen cases of card holders having their credit limits decreased if they remain unused for over 6 months with a $0 balance. If the card issuer closes the account it's not "derogatory" on your credit report, meaning you will show a good, clean history on the account which won't in itself drive down your credit scores, but your scores will still go down because of having one less open trade line. A good rule of thumb is to make sure you make at least one minor purchase every 6 months and then pay the bill in full once you get your cards down to $0 balance.
Many people think that their credit card accounts can *never* be cancelled, unless they request it, as long as they have paid their bills on time and used the card resposibly. This is not true, however. A card issuing bank has the right to cancel, choose not to renew, or decrease your credit limit based on any number of seemingly arbitrary reasons, of which "lack of activity", "too many other accounts", or "income doesn't justify credit line" are just a few. They're in business to make money, and people holding no-fee credit cards for years without making purchases on them don't provide any income for the issuing bank.
Make sure that the loan amonut will benifit you with a lesser payment and a faster pay off.
In order the close the accounts, you would need to send the credit card company a letter.
I'm sorry to hear of your job loss and hope that you can get back on your feet without using your credit cards again.
In my line of work, I see a lot of people consolidate credit cards only to run them up again. Be careful that doesn't happen to you!
If you go to a credit counselor service to consolidate, then you are required to physically give them the card. The accounts remain open, but they are flagged, and you are no longer able to make new charges on them until the current balance is paid off.
If you simply roll all of your card over to one card, then you can decide whether or not to keep the other cards or to close the accounts.
You can consolidate by using a personal loan, but you won't qualify unless you have a job.
You might consider checking each of your credit accounts to see if you have insurance on the account in case of job loss. If you have that job loss insurance they will cover your payments for you over a period of time (specified in their info) as long as you are looking for work. They generally require that you be approved for state unemployment benefits and be registered with their work search program.
what if the credit card subscriber dies, what will happen to his/her debt?
what if a credit card holder dies?what will happen to his/her debts on the credit card?will the credit card issuer going to pursue their claims on the balances?or will the debts be terminated already f such incident happens?
The answer depends on a few factors.
If the debtor is married, they do not live in a community property state, everything is in both of their names (home, car, etc) then the debt dies with the debtor.
If the debtor is married, they do not live in a community property state, the debtor has property in his/her name only, then they may be able to seize that property. The spouse would not be liable.
If the debtor is married and they live in a community property state, the spouse may be liable for the debt.
If the debtor is not married, does not have a will then the estate would be divided up between the creditor, the state and any immediate family.
To protect family members from having to sell the estate to cover the liabilitites a good idea will be to get credit insurance. Credit insurance guarantees one will avoid life insurance payment from being used up by debt payments.
one of credit card account was recently passed to debt collecting agent and my account was terminated now if s
not really sure what your question is...but when it comes to debt collectors, you have 2 choices...pay or don't.
They will hound you to death, so know your rights under the federal Debt Collections act. If you can't afford to pay for whatever reason, them calling you all day and night and at work and calling your neighbors (they will, trust me) really serves no purpose. You can send them a letter, at any time, to cease and desist all contact, except for whats allowed under the law. Send it certified mail. This will not stop them from suing you, but it will stop them from calling like madmen.
Be prepared...they are rude and obnoxious. Do not agree to anything over the phone. In fact advise them you ONLY want to deal with them in writing. I wouldn't talk to them via the phone at all. remeeber, any payment plan you agree to resets the debt clock (they can't collect after a certain number of years, like 6, but it varies from state to state. You pay and the clock is reset)
If you have no money or no job or no assets, there isn't much they can do, even if they sue you. Can't get blood from a stone.
I went through this. I was sick with cancer, could not work and the debts piled up. You wouldn't believe the rudeness and downright criminal behavior some of these debt collectors used. There tone also changes if you tell them you are recording all conversations (and do it) They usually hang up at that point.
They can't threaten arrest. All they can do is sue you. Thats it.
I would suggest getting a book from the library or bookstore on debt collection. They offer invaluable tips, form letters etc. Its good to know your rights so you don't make a mistake with these animals.
Do you owe money? Yes. But that does not negate your rights or give them a reason to treat you wrong or like a criminal. They are the criminals. They over extend people, give credit til you are reliant on it and then add fees on top of fees.
The really funny part is, if you end up in bankruptcy, the very same people who you owe moiney to now and will not get a penny from your chapter 7, will line up within months to give you more credit. Its almost sad.
What can the debt collection agency do if I cancel a BT contract before it ends?
I have recently canceled a BT internet contract due to an unexpected circumstance that forced me to leave the UK (I was an overseas student in London). I never want to leave the contract behind irresponsibly, so I contacted BT and tried to explain my situation in order to negotiate for a lower cancellation fee. However, BT came back threatening me with legal actions without any willingness to discuss. They insisted that I pay a one-time payment (~£600) covering the remaining contract. Even though I am not living in London at the moment and will not have the chance to return in the near future, I still want to deal with this problem nicely without messing with my credit. I am hoping to hear any similar experiences or advice so that I can put myself in a better position to negotiate without being patronized by their attitude. I am grateful to any of your advice!
1. If this debt eventually goes to a debt collection agency, can the agency take money from my bank account in Britain to recover their debt (would they be able to get a court order)?
2. Since I simply terminated the contract before it ends and haven’t used the service (unlike credit card debts), is this sort of debt equally serious?
3. Given that I am not a British citizen and have no property in Britain; would the debt collection agency be able to trace me if I had the chance the return to complete my studies?
It is very difficult to advise without knowing all the facts. It seems prima face that BT wish to activate the agreed cancellation clause. If you wish to pay this then you will not be in breach of contract as it specifically caters for this eventuality. The best way to discharge ones contractual obligations is to fulfil them.
However, if you refuse, then you will then be in breach and they may refer you to the collection agency. Several thing can happen here but it is unlikely they will be in a position to recover any real property as you have left the country. It is very unlikelty they will try to recover from your bank account. They may have a go through your bank mandate should you not have cancelled it. It is more likely you will be placed on a bad credit list as the agency will report you have gone .
When you return to the country this may catch up with you. Any new agreement of this type will certainly ask for previous addresses. This is how they track who is who.
Your task will be to avoid this.
If you have a problem with BT or you believe you were mis-sold the contract by some form of misrepresentation then you can challenge the validity of the contract. However, if you signed with full information on the cancellation costs and are now refusing to cough up you will look like a bad debtor in both the eyes of BT and the law.
I hope this helps.
xxFJ
Credit Report Credit Card questions?
I just had a credit report done from one of the three agencies at annualcreditreport.com. So looking through the report it's pretty barren as I've only had three credit cards and nothing as far as loans. I have two cards currently open and everything is fine with them but I have questions about the third.
When I was in high school my father gave me a credit card for emergencies in my name but I assume it was an adjunct to his account. So I had the card through high school and into college never using it.
In my senior year of college my father passed away (Oct 2006) and so obviously his credit cards were closed, including the one he gave me. The card is listed on my credit report with a couple things that I have questions about.
It's listed in the closed account section, it doesn't show up in negative accounts. Everything for the card as far as balance, balloon payment, past due, charge off is listed as $0. The monthly payment chart for 6+ years is all green indicating paid as agreed.
My questions:
1. The card holder who I assume was my father is listed as terminated. Is this normal? I thought it should have read deceased, or joint account or something, as my other two cards are listed as individual account.
2. In the comments section the card is listed as 'account closed by credit grantor'. This makes it seem like they canceled the card from me which I wouldn't imagine looks good.
3. The card is listed as being closed in Dec 06, however my father passed away in Oct 06. His widow was the one handling his affairs, so she would have been the one to close the account. Is there any reason I should be suspicious of the fact that the card remained active for two months after my father passed? I don't see anything indicating any debt left on the card before it was closed, like I said all $0's.
So yeah are those three things normal? should I contest or look into them? if I needed to how would I go about that? etc...
Glad to hear you've got a good credit report. I'm not sure how much help I can be but you didn't have any answers so I thought I'd give you an opinion. Sorry to hear about your father.
I think 'terminated' is fine (I think it refers to the account rather than the owner).
I agree that 'account closed by credit grantor' doesn't sound good. Is there a way you can contact the agency to ask what this means without contesting it?
About how your card was closed a little later than you think: probably just doing you good because it shows a longer history especially since there isn't anything listed that is negative. It might have just been closed late and that's why you see it the way it is. No worries here.
In summary, look into changing closed by grantor to closed due to something that sounds better. I'm not sure if that will make a difference but that's the only thing I would look into from the three things you mentioned.
-Edit-
Okay, (I have no idea how Mia's answer is relevant) I had to go to the bank and since I was there, decided to bring up your situation with a rep (hope that's okay), and they said what I thought: The only thing you should be concerned about is 'account closed by credit grantor'. They weren't an underwriter or anything but said that the loan officer's scrutinize everything (even little details like that) in a credit report and since that sounds bad, it is worth fixing. They said trying to resolve it with the credit monitor first will probably work best and if all else fails, the Better Business Bureau can help. Hope it works out.
What are my options for resolving this debt without filing bankruptcy?
So it's been a while, but I am not quite sure how to go about resolving my debt. I was terminated and my credit card companies, which all had payment protection plan, refused to honor the benefit without a letter of dismissal which my ex employer REFUSED to give me!
What are my options for clearing this up? How come I paid into 'security' for my account and it's not being honored? Another thing, one of the companies decided to tack on an "annual something or other charge" EVERY SINGLE MONTH. Is that normal? I have a card that had a $200.00 limit which I now owe well over $700.00 due to them not honoring the "benefit" I was paying into. They continue to add on additional late payment/over-the-limit/ and various other monthly charges.
I really feel like they should remove ALL charges other than the initial $200 (which some of that came out for their 'starter fee' and whatever else). I also feel they should either deduct the months I was out of work OR reimburse me for the money I put into their "P.P.P."
What do you think?
Help please! I do have more questions, but I will ask on another post as it might be rather long!
Help is available. If you filed for unemployment benefits after being terminated, a copy of your approved filing should suffice to prove to the credit card company that you are entitled to your PPP benefit.
You have the option of filing a lawsuit against the company for Breach of Promise and Breach of Contract. You may also have rights under the FCRA and FDCPA, as well.
Follow the link below for more assistance with your issue. Good luck!
Spouse's debt?
My wife has an unspecified amount of debt (credit cards & personal loan), which she developed before & during our marriage. We've been married 4 yrs. I am an authorized user on her credit cards and she is an authorized user on my credit cards. I have never spent any money from her credit cards. We dont have any joint credit card or loan, but we do have a joint checking's account. Am I responsible to pay her debt? Would I get in trouble if she declares bankrupcy while we're married or in case the marriage is terminated?
individual credit cards no....but if they are not paid the debt can be garnished from the joint bank account...verify your state laws.
debt elimination question?
hi, i have a debt of at least $7000 on a credit card plus a debt of at least $3000 from a student loan. I lost my job and got laid off since March 2008. I was wondering if there is legal way to eliminate these debts w/o filling for bankruptcy? Please serious answers. I have no income and my unemployment got terminated.
thanks, for the options, it helps.
Found this on my credit report .. what does it mean?
First of all let me first say I was young and dumb at 18 and got credit cards beyond my mean .. I was working for a retail store so I got two retail store credit cards which I know the APR was up there. I am currently 23 and trying to fix my credit up cause in a year or two I'm looking to buy a house with my husband. When I checked my credit report I found this under a credit card ...
Paid, was a collection account, insurance claim or government claim or was terminated for default.
What does this mean?? I never paid them (I think) .. and I think this is one of the retail store credit card.
My current debt according to my credit report is $1900.00 .. my credit score is really bad at 528. If my husband whom is good with making payments to his cards .. put me on his cards as a second card holder .. would it improve my score?? will it lower his score??
Thanks in advance!!
And another thing it says that a different credit card was transferred to collections but it does not show the collections acct .. how would I get this infomation?
And another thing it says that a different credit card was transferred to collections but it does not show the collections acct .. how would I get this infomation?
Question #1 it was paid after you defaulted.
#2 It will not help your credit score unless you are added as a responsible party.Usually someone with a bad score only gets added as an authorized user. If he does add your name, as a responsible party for that credit card, they will take your ss# run it and determine what kind of risk you are. It could affect his score because they might lower his credit limit and that would affect his score.
#3 Look in the back of the credit report and find the lender that corresponds with that acct, call them and ask them for the acct #.
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