What should I do now that my mom has sabotaged our joint credit card account?

Question

I opened up a joint credit card with my mom because I have way better credit then she does and she wanted it to boost up hers. So I gave in. She ran it up to the max limit and then stopped making payments on it the last couple of months, all of this without telling me. Now it's 300 over the limit because of late charges and fees and I'm at a loss of how to fix it all and how badly will my credit be hurt?

Answer 1

The first thing to do is to close the account, so no more charges are put on it.  Unfortunately, your credit maybe hurt if you don't pay the charges that are currently due and get it back into good standing.  You are also going to have to continue to monitor the account to be sure that it remains in good standing (i.e. your mother is paying as she should).  If not, you're stuck with the whole thing if you want your credit to be unaffected..

Answer 2

1-get your mother's name taken off the acct and change the account number/get a new card - lock it away and start paying it off-if you do these things, you might salvage your credit

Answer 3

Your only option is to pay the account immediately -- at least enough to bring the account below the limit.  

If you have another credit card account that you can transfer the balance to, do so and close this joint account.  Then collect the payments from your mother.

NEVER, NEVER, NEVER co-sign anything for someone you are not legally married to.  There are courts to divide up marital property and debt.  Not so for family, friends, and lovers.

People who need co-signers usually have bad credit.  They typically get that bad credit by not paying their bills.

Answer 4

Sad that a kid is more responsible than the mother.. sorry.

Call the company and close the account immediately so she cannot charge anymore.  If it is a joint card & she is not just an authorized user, you cannot take her off.. If you can make a payment to bring you under the limit, so do. You may also ask to raise the limit so you are not getting over limit fees on-top of everything else.  

If your mom will not start paying this off.. you have to or take her to court. Before this hits your credit, since you have good credit. YOu could try to open a 0% balance transfer so at least you won't pay interest while you paying this back.  

Good Luck

Answer 5

Eek....sorry about that. Well if you're in the position to do so, please pay the outstaning balance ASAP and close the account immediately !

If you're not able to do so, call the credit card company right away and make arrangements to bring the balance to current and take your mom off the account like yesterday.

As for your credit score, it may take a hit. Thing is don't let it fester. Ask your card company if they can refrain from negatively reporting your account if you make arrangements and keep up timely payments.

NEVER do this again for her or anyone else.

Answer 6

If this is a joint account, then you have the authority to close it.  Close the account IMMEDIATELY.

Call customer service and find out what the minimum payment due is and the payment mailing address and pay it IMMEDIATELY.  It sounds like you may be at the edge of a category.  Being reported as 90 days past due is a lot worse than 30 or 60. A lot of people miss a payment or two but missing three in a row is really bad and puts the account into default status.  You may still have time to avoid the 90.

Don't co-borrow or co-sign for anyone ever again unless you have reason to believe that you are a better credit analyst than the professionals employed by the lenders.

Answer 7

That's exactly what "joint" account mean....  both of you are equally responsible for the payment regardless of who spent the money.

It can hurt your credit as bad as if you messed up your own account.  If it should go to default and to collection, then to lawsuit, it will hurt you very badly.

Close the account now, so that no new charges can be made.  If the amount is small enough (I don't know what the limit is), pay it off yourself, or at least the over-the-limit part.  Then, start making the payments.  Being over-the-limit will hurt you badly in terms of credit, as it is a violation of the agreement.  Having balance but making at least the minimum payment - not that much.

Rest is a matter between your mother and yourself.

Answer 8

It sounds as though your mom has some spending and accountability issues (no disrespect).  I'm am so sorry that she took your love and manipulated you into doing this for her.  Sounds like you are the more responsible of the two and you learned a good lesson.  She had bad credit for a reason and she is taking yours down as we speak!.

Never, never open a joint account (maybe joint checking with your hubby when you get married) or co-sign a loan for anybody... anybody.  Once you do, the bank and credit scoring agencies legally accept it as your debt even if you didn't have anything to do with the actual charges.  Your name is on the contract.

Because the credit card company recognizes that this debt is yours and your moms, you have no recourse but to pay the bill.  However, you MAY be able to call them and freeze her from the account (if you are the primary), while you pay it down.  If it is at all feasible, pay the credit card off ASAP and close the account.

She needs to come to terms with her own issues and you need to stay out of her drama.