Hey guys, my credit situation is very bad. I have a 579, I really want some tips on how to fix this; preferably not court considering I'm on good terms with them. When I turned 19 years old my mom and dad opened up a bunch of credit cards (4), a Verizon account, then took advantage of my overdraft on my credit union account.
Long story short they maxed out the cards, ditched the Verizon account with four barely paid off high end phones, and slam dunked my bank account to -300.. I was never taught about credit and how important it was, I was relatively a shut in kid with bad depression that liked to game and didn't go out much so I didn't think much of it.
By the time I was 22 (25 now) I started to realize how important it actually was and confronted them about it. They kept saying they would make payments on it but never did (strung me on for three years). I ended up moving out across the states for a girl I met online, I had a double deposit on my place, I can't finance anything, I'm currently using Cash App as my banking app because no bank will let me open an account (Not even Chime). Really desperate to get this figured out without getting them in trouble because I am on good terms with them and love them lots despite this so any advice would be much appreciated thank you in advance .^
Very unfortunate circumstance, can you give me advice? 🙁
byu/sooonysmile inpersonalfinance
Posted by sooonysmile
7 Comments
Do you want to go the legal route against your parents or no?
This is a good time to close the chapter on finance with you and your parents and start anew on your own.
I will say this: credit is overrated. Cash is king. Bring cash to any major bank and they will let you open an account. Learn to save, invest and spend without borrowing unless it makes sense financially (not because you’re broke at the time)
Did you open those accounts or sign on the dotted line at all? if not, report the fraud and get your score back
I understand not wanting to hurt your parents. But you need to look at this clearly: _they_ hurt _you_. You are legally responsible for these charges that they fraudulently made in your name unless you report it as fraud. Creditors can come after you and garnish your wages, seize your tax refunds, and place liens on your property until they are made whole. At this rate that may take decades.
Your parents committed a crime against you. This is obviously no “victimless crime”. You are suffering the consequences of their actions.
File police reports for the fraudulent charges and accounts. Freeze your credit. Take back your life. They made their choices, now they should accept the consequences.
If you’re still on good terms with your parents after they did this to you, then you have bigger problems to fix first.
Your parents literally committed crimes against you and put you in this situation.
You have two options:
* Pursue legal action vs your parents which will eventually clear you of the debt
* Pay the debt. For this, you may be able to call your creditors or current debt owners and ask for a reduced amount. Eventually the derogatory marks will fall off your credit.
Brother, your parents absolutely fucked you maliciously whether you realize that or not.