Hi personalfinance,
As I was growing up, my parent (single parent) used my name to apply for credit cards and put things under my name like car loan payments. They were claiming that they were helping build my credit for the long run when I'm older so I can buy a home and all that stuff. Initially, it was a truthful statement from the get-go but the execution was all so extremely bad. More and more things were getting late payments and missing payments and I had no knowledge of this because I depended on them for my lack of knowledge in finances. They also told me not to worry and so, I didn't...
Fast forward a bit to a couple months back, my parent was telling me not to pay my credit cards because they want to file bankruptcy for me to give me a clean slate for the mess they caused. My credit score is sitting at 516, currently. I just acquired a credit report and found that I have 5 credit accounts that are adverse accounts with all being past due (1 being my own that I set up of my own accord accumulating just to $1500 of which I could pay off easily, the other 4 being my parent's doing all with LARGE dues) and 7 accounts that are satisfactory.
I'm not sure on what I should do at this point as I am currently 26 years old... I want to take matters into my own hands, but I'm such an amateur in finance that I'm not sure where to start now.
I love my parent with all my heart and they've got me through thick and thin. The only problem is handling money which they are extremely bad at, and greedy for... I want to explore options. If possible, I want to consider seeing a professional for help, but again, don't know where to start.
Sorry this was long. I hope this was clear enough to understand. Are there any other details I should mention?
Submitted January 16, 2021 at 11:55PM by playerzeroo https://ift.tt/35K6YSj
