i applied for credit cards in my adult childs name and now i can’t afford to pay the bills!

I don’t want to ruin my child’s credit, especially since she is unaware that i’ve applied for several credit cards in her name. I’ve maxed out several cards, have made payments on time for the past 3 years, but now with the economy I can’t make the payments. What can I do so I don’t ruin my child’s credit?

Asked on May 29, 2009 under Bankruptcy Law, California

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Unfortunately the facts come down to this, if you don't make the payments this will negatively affect your child's credit.

Additionally it is actually not legal to apply for credit in another persons name and that is another issue that I will not address at this point. As for the credit you need to contact the companies ask to set up a cure which is a settlement amount and than you must pay as agreed upon. Otherwise you will have to make payments as with any other credit card agreement

Additionally the cure may not be a positive aspect on the credit score. The only way not to injure a persons credit is to pay the bills on time. other than that there is no simple solution


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