Basically I went into the hospital 2 years ago and I didn%26#039;t have a job. I left after 2 days with about 14,000 in debt. Besides some unpaid tuition this is all the debt that I owe, doctors, ambulance ride, etc. I asked my mother if she%26#039;d mind adding me as a user on her credit card. She initial said yes but now has reservations thinking I may somehow bring down her score. I%26#039;m not sure where to find the answer on this. I%26#039;m working now...but I don%26#039;t make much so I can%26#039;t even begin to start paying the debt, plus it seems pretty insurmountable anyways. Toying with the idea of declaring bankruptcy just to get my head above water. I don%26#039;t have a credit card, never have had one and now, can%26#039;t get one on my own. I don%26#039;t have the money for a deposit on a secured card. Just not sure what to do.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? If you are asking if your collections will show up on your mother%26#039;s credit, the answer is No they will not. The only way that adding you as an authorized buyer would bring down her credit score is if you charge up on her credit card and don%26#039;t pay it off and on time. Placing you as an authorized buyer on her card would help your credit. It would report to the credit bureau as a satisfactory trade, which is good. A common term for this is %26quot;piggy-back credit%26quot; which simply means that she would be sharing the good credit she has established on that particular credit card with you. For example: if she opened that credit card in 1990 and has paid it on time every month, then it would appear that you have had a credit card since 1990 and have paid it on time every month also. This would boost your credit score. Once your credit score is boosted you will probably be able to get a credit card-but if you want one because you need one then that will be digging a deeper hole. The APR you will qualify for will be outrageous and you%26#039;d never get it paid off. I guess what I am saying is A. just don%26#039;t charge up her card! and B. medical collections are better than credit card collections. (many banks understand a medical collections and are more lenient for those than for a credit collection-so if you are wanting a card to charge the medical collections then don%26#039;t do it-it%26#039;ll hurt your credit more) I hope this helps and good luck!
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? It won%26#039;t bring down her score as long as the bill gets paid in a timely manner.
Also, you might consider getting a secured card. Bank of America offers a %26quot;partially secured credit card%26quot; where you open a savings acocunt with $99 and you get a card with a $500 limit. Successful payment on it gets you credit line increases after awhile, and after a year, it becomes an unsecured card.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? Call Social services dept for that hospital. They will advice you if there are programs to help you decrease that debt or settle to pay $10.00 a month or so. If your mother purchase that debt w/her credit card and don%26#039;t make any payment (plus super high c.card interest) you mom%26#039;s credit will also get ruinned. About student loan, call them and tell them you are not working in the fields you studied and see about applying for forbideance. This will delay your next payment due date to whatever time frame (usually 2 + years) they approved.
Try your best NOT to get in more debts until these 2 are paid or almost paid for. After 6 months you should be able to apply for secured c. cards to start re-building an outstanding credit history.
Good luck,
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? This could actually be beneficial to both you and your Mom but ONLY if you make the monthly credit card payments. By paying off the complete debt with the credit card, your debt will be seen as %26quot;paid%26quot;, thus giving you a better credit rating. Also, by paying the monthly credit card payments on time, your Mom will also get a better credit rating. However, if the monthly credit card payments are not made on time, then your Mom will get a bad credit rating while you still look %26quot;good%26quot; because your debts are paid off. So if your Mom agrees to this, make sure you can make the monthly payments until the debt is paid off. Otherwise, your Mom will carry your burden and have to legally pay if you can%26#039;t.
Also, you may want to try this. My ex-wife gave birth to our son when we had no insurance. I was unemployed at the time and for the birth and 1 day in hospital, we had a bill of over $5,000 (in 1996). I also thought abut bankruptcy and went to a lawyer. He suggested that (and depending on what state you live in), that I should contact the doctor and hospital to state my situation. Both the Doctor and the Hospital cut their fees dramatically down to around $2000. I worked out with them that I pay the Doctor $50/month and the Hospital $50/month until I become gainfully employed. They realized that by cutting their fees, they would still get more from me than if I filed for bankruptcy. Plus, being in the Healthcare business, most providers will try to work out something that is beneficial to all parties since it is their duty to provide healthcare no matter the income level of their patients.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? Have a look here.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? depends on the amount you owe and the amount of available credit she has. about 32% of your score is based on ailable credit vs amount owed, keep all balances less than 50% of available. and dont miss any payments becasue 35% is based on payment history.
also hospitals will usually lower amount owed for a fast pay off offer them 10% of the balance if they will update your report to show %26quot;Paid, Closed/Never late%26quot; or %26quot;payed as agreed%26quot;. if they respond with a counter offer negotiate(usually they wont take less then 40% but low ball em first). if they agree send them a check with a copy of the original letter that they agreed to and send a copy of their response letter to the credit bureau. after 31 days re-dispute all the items that are derogatory in your credit file. You should keep negotiating with your creditor till you have achieved a result. follow up on the phone. Send your letters through certified mail so that you can record all your correspondences done with them.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? If you pay it all off, how long will that take? If you file for bankruptcy, it will affect your credit for 10 years. See what you can have forgiven at the hospital. Call them! But bankruptcy sounds like the best bet, probably. I%26#039;d look into it. Realize it will cost you about $1500 to hire the attorney. Still talk to a lawyer and see if it%26#039;s the way to go.
What I don%26#039;t get is, why do you need a credit card? Just get an ATM card with your bank account, and it has a credit card symbol on it. You can use it for just about anything, except renting a car, and you won%26#039;t be running up more debt.
If I was your mom, I would not take on the debt. That will make her responsible for it. If she can%26#039;t pay it, it will of course affect her credit. Don%26#039;t even ask her to do this. Accept the consequences of this debt on yourself.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? It would have nothing to do with her credit, If anything boost hers, no one knows what she is spending the money on.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? WHAT ARE YOU NUTS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!...
If you KNOW you CAN%26#039;T PAY
WHY you are going to give that PROBLEM TO YOUR MOM???????????????????????????
If the credit card gets full and you dont pay more than the minimun you will NEVER PAY IT BACK, you but only you shut file bacarupsy or wherever is the spelling for that, so you dont give your mother a hard time with her credit card, thats for her just in case of an emergency, what about she needs medicene or something hapends and her credit card is FULL, how good is that?
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? I am in concurrence with most of the people in regards to negotiating with the hospital, student loans, can%26#039;t do anything about that, the best thing to do is contact the Consumer Credit Counseling, it%26#039;s a non-profit organization and they will negotiate the settlement amount and payment plan for you. As for the credit card, you never know what will happen, so go the secured credit card route. Orchard Bank will take as little as $150 deposit.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? Thak gad I live in Canada. We have Universal Health care.
My credit sucks cuz of uninsured medical debt. If put on mothers credit card will it affect her credit score? DON%26#039;T DO THIS TO YOUR MOTHER!! Even though you have the best intentions we all know that mom is that LAST person that ever gets paid! I know this from experience. I loaned a credit card to my son so he could do some needed repairs on his house...he had a really good job but did not have the cash needed to do the repairs. The %26quot;store%26quot; has 6 months same as cash...you%26#039;ve all heard the ads on TV.. so I let him have my card... and he made repairs. He paid the payments well. So the next time he needed the card I had no qualms letting him %26quot;borrow%26#039; my card for more repairs... and he started making the payments as before. This bill was much higher but he was still working so I though nothing of it. Then I started getting calls from the credit card company...no payment had been made for 2 months... I asked my son. His wife%26#039;s family had medical problems so he had loaned them money....and hadn%26#039;t received enough paycheck to make all the payments so he had to let %26quot;some go%26quot; and figured he would pay me back... I thought he was making the payments and hadn%26#039;t looked at the most recent bill...had filed it along with all the rest. I have been making those payments now for nearly 2 years.... his wife%26#039;s family fell on hard times, moved in with him, he lost HIS job... and guess what... they all live on MY property....everyone knows that MAMA won%26#039;t let the kids do without...DON%26#039;T DO THIS TO YOUR MAMA!!
