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Are you responsible for your dad's credit card debt after his death when the account was in his name only but you were making the payments?
You should consult and attorney for a legal answer. However, my experience would tell you that if you did not sign the contract, you are not responsible. * No, paying a debt or a portion of a debt for another person does not legally obligate the person to assume the debt or continue payment of such. * Actually, his estate is responsible for the debt. So, for example, if you are the heir, or one of them, before his property is released to you, his debts will be paid out of that property. If he had a will, this will be easier, I imagine, and if he died intestate (without leaving a will) it will be more complicated. I do agree that a lawyer is a good idea, and the short answer is no, YOU are not responsible for his debt.
What else can I help you with?
How can personal responsibility affect your credit report?
Creditors will often take into account how responsible a person is in making payments on their loans and credit cards.Making payments on time, keeping your credit utilization low and establishing a solid payment history are some actions that can have a positive impact on your score.
What happens to my credit card if I close my bank account?
If you close your bank account, your credit card account will typically remain open and unaffected. However, you will still be responsible for making payments on your credit card balance as usual.
Can medical bills effect your credit while making payments on them?
Yes, this is only reported on your credit report if it is a collection account.
What is a responsible use of credit?
Buying something on credit and making many payments on the account over months gradually paying down the debt. If you are seeking to build credit, then don't pay it all off too quickly as that doesn't establish a history of making payments. It takes at least 6 months of payments to even affect your credit report. Also, don't only pay minumim payments. You want to establish that you can be trusted and will not strecth yourself too thin.
How does making extra payments help improve my credit score?
Making extra payments on your debts can help improve your credit score by reducing your overall debt and lowering your credit utilization ratio. This shows lenders that you are responsible with your finances and can help boost your credit score over time.
Do Fingerhut help establish credit?
Yes, Fingerhut can help establish credit for individuals, particularly those with limited or poor credit history. By offering a credit account that reports to major credit bureaus, responsible usage—such as making timely payments—can positively impact your credit score. However, it's essential to manage the account wisely and avoid accumulating excessive debt.
How do car payments contribute to building credit?
Making on-time car payments can help build credit by demonstrating responsible borrowing behavior to credit bureaus. This shows lenders that you can manage debt effectively, which can improve your credit score over time.
Is it possible to deposit cash into my credit card account?
No, it is not possible to deposit cash directly into a credit card account. Credit cards are typically used for making purchases and payments, and cash deposits are usually made into bank accounts.
How can I use a secured loan to build credit?
You can use a secured loan to build credit by borrowing money and making timely payments. The loan is backed by collateral, such as a savings account or property, reducing the risk for the lender. By repaying the loan on time, you demonstrate responsible borrowing behavior, which can help improve your credit score over time.
Co signed for a car for your grandson and he is not paying If you stop making payments will your credit be affected?
Yes. When you co-signed the loan you made yourself legally responsible to pay the amount due if your grandson failed to make the payments. You are as responsible as he is for paying the loan.
How does a car lease impact your credit?
A car lease can impact your credit in both positive and negative ways. Making on-time lease payments can help build a positive credit history, showing lenders that you are responsible with your finances. However, missing payments or defaulting on the lease can harm your credit score and make it harder to get credit in the future.
If you have been given a credit card as a secondary card holder and have bad credit will this help rebuild your credit or is it all reported on the primary cardholder history?
Secondary credit cards are a very BAD idea ! Responsible usage of the card remains the 'problem' of the primary account-holder. If YOU misuse the card - THEY take the consequences ! If you fail to make payments on time (or miss a payment) - THEIR credit rating suffers ! Most credit card companies will issue cards to people with bad credit history - they just charge a higher interest rate, and give you a low credit limit. Once you prove you can be responsible with the account (by making the payments on-time and staying within your credit limit) - they'll usually lower the interest rate, and increase your limit.
