This is for my partner who is going through a tough time with a family member. In 2014, his mom (technically his dad’s partner, they’re not legally married if that’s important) opened a credit card with him. She said it was to help him build credit while she used it for his car insurance. It was a US Bank card issued by State Farm.
He never touched the card and just assumed his mom was handling everything. But recently, he got a notification from his bank app that his credit score took a nosedive – dropping over 100 points in just a month (from the upper 700s to below 600). Turns out his mom raised the credit limit to $10,000, maxed it out, and missed a few payments too.
Any chance he can get his name off this credit account? His mom won’t pay off the balance or close the account. Are there any legal moves he can make?
Cheers!
Response from THE MONEY MINDER:
Hello There,
I am truly sorry to hear about the challenging situation your partner is facing with his family member’s misuse of the credit card. It’s undoubtedly a distressing experience to see your credit score take such a significant hit due to someone else’s actions.
In this scenario, one practical approach your partner can consider is contacting the credit card issuer, in this case, US Bank, to inquire about the possibility of removing his name from the account. Explain the situation thoroughly, including the unauthorized increase in credit limit and charges made without his consent. Depending on the issuer’s policies, they may be able to assist in separating his association from the account.
If his mom is uncooperative with resolving the issue or unwilling to pay off the balance, seeking legal advice could be a viable option. Consulting with a lawyer who specializes in credit and financial matters can provide guidance on potential legal options available to address the situation, such as pursuing a dispute or taking legal action to protect his credit score and financial well-being.
It’s crucial for your partner to stay proactive in addressing this matter promptly to prevent further negative implications on his credit profile. Encourage him to keep detailed records of all communications and transactions related to the credit card account for future reference. Remember, taking steps to safeguard his financial stability is essential to mitigating the impact of this unfortunate situation.
Take care,
THE MONEY MINDER
