Can my credit get ruined?

Question

I did the stupidest thing. I let my cousin use my card to buy some shoes off the internet. Now I am overdrafted over 250 bucks my cousin dosen't have the money to pay me back and because I wasn't supposed to have account because I'm only sixteen they closed the account without my permission. I assumed it wasn't as important till I started getting letters. Is it going to ruin my credit.

Answer 1

If you didn't make the purcase and you are under 18 and your cousin did it without your permission, you don't have to pay anything but they will force you to rat out your cousin and he will have to pay.

Answer 2

I would go to cousin's mother and explain what happened and that you need your money back.  At you age they should not have issued you the card in the first place.  It's too bad that you were just being kind to your cousin and she messed up.  Never in the future let someone use your card again.  If you let someone use it you are still responsible.  It could cause a problem with your credit if you don't fix it now.

****John Harris, did you not understand the question.  She gave her cousin permission to use the card.  It makes no difference if she did not make the purchase.  She is still responsible.

Answer 3

It may not RUIN your credit but it will damage it slightly.  Just make sure this doesn't happen again.  As long as you pay all your other bills on time you should be fine.  By the time you are 23 it won't even show on there anymore anyway so you should be okay.

Answer 4

Sounds like it will, yes -- as it should. The best thing to do would be to PAY BACK THE MONEY YOU OWE. And from now on, if you're over $250 overdrawn at the bank, DON'T ASSUME IT'S NOT IMPORTANT!

This is exactly the reason 16-year-olds aren't allowed to have debit cards.