Question

I've seen people post about putting a hold on their credit account. Will that keep your credit safe if you share an account? Long story short, a family member needed me on their bank account to manage their affairs, because they're unavailable. They had problems with their credit card with that bank, tanking their credit score (I looked at their account, it was the bank, it's been disputed every which way of Sunday) so they changed banks. When they did, they asked for my info, I thought to have me on their account. No biggie, I manage things stateside. I got our new debit cards i. v the mail, and a week later, credit too. For each of us. I thought, "maybe making me an authorized user gave me my own card? " but when I checked my open accounts on credit karma they put me on the credit line! Now, their job promotions require no debt and financial stability, but what if there's a freak charge like the last bank!? I can't afford a 117 pt hit on my credit! I keep trying to reassure myself that won't happen twice, right? I'm more than worried, because this person didn't even understand their automatic toggle pay from their checking account, and kept manually paying the amount they were reading, which was a credit. They kept doubling their credit, and getting mad that their bill kept growing. They were very stressed about the bogus charge and trying to compensate. When I brought this to their attention, they said they added me on purpose, "in case of a very extreme emergency".!? Dude, you have to ask someone before you open a $5500 credit line in their name! How do I freeze this for myself? If there were an emergency, that would be the only way to travel to them, so I understand the thinking, but dang! Ugh!  

Answer 1

A credit freeze would only prevent future openings. I personally would call and cancel that credit line and claim credit fraud which they totally did.  

Comments

I'm going to call the bank, since I'mon the accounts, and have them add me as an authorized user on THEIR card, then get the credit line on my name closed. I think that's my best option, but honestly they don't understand any of that to have done it that way themselves

Answer 2

You would want to freeze your credit at all three credit bureaus. You also need to take yourself off of all of their stuff. If there are things you need to manage for them then get a power of attorney, not tangle your credit with their finances. Plus now if they don’t pay their credit card, you will be on the line. When you freeze your credit it keep people from being able to open new lines of credit under your name.  

Comments

I am POA, but the bank they previously used wouldn't let that take care of anything when needed. So they did this with the new bank ‍♀️‍♀️

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@noheminoil50570 what sort of business are you needing to do with their account? I would talk with the bank yourself and figure out how you can manage what you need do without being held responsible if they do something bad.  

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Well, their car had to be sold, their property taxes paid, I sold some of their belongings, income taxes, phone bills, and shipping

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Theoretically, there shouldn't be anything else come up.?  

Answer 3

Are you sure you aren’t an authorized user? Because it will report with the credit line in your report if you are. Call the bank and ask them and have yourself removed if you are. If you are an owner the inquiry should be on your credit report too.  

Comments

I'm going to have to call. I really don't think they (family member) have any clue, tbh. I din't see a credit inquiry, but it is showing the new account, with the limit.  

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@noheminoil50570 yeah. I work for a credit card company, I have AUs in my cards and I am an AU in my sisters card and it shows on my credit report although I’m not financially responsible for her account. You just call and ask them to remove you as an AU cause the good and bad will report on your report.  

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So what's the best option if they have an emergency?  

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I thought AU would be the solution, rather than a line in my name

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@noheminoil50570 if you gave them your SSN it reports. Although an AU is not financially responsible the account info is reported to the credit bureaus. Now lenders and employers should be able to see that your the AU in the account. The credit report shows that to them. It is a solution tho. It gives you a card to use in n case of emergency. I applied for financing for a house and they could see that I was the AU but told me to take myself off because it also implies that AI have access to the credit.  

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@haymaker30 I'm trying to apply for refinance and one of the quetions was "have ou cosigned a loan? " Does that count?  

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@noheminoil50570 No it doesn’t if your the AU. Just double check with the bank.  

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@haymaker30 thank you!  

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@noheminoil50570 yw!