So uuhhh how do you get a loan if your credit is

[Carbon]

shot to hell?

Before my father left us he used my brother's, sisters's and my SSN to open up 3 credit card accounts. He did this in order to float his sinking handyman/construction business. The bussines eventually failed, promting him to leave the states.

As i understand there were outsanding fees that went to to collection which eventually got paid off, but now my bro and sis are stuck with a$$ for credit and my flake of an old man is 3000+ miles away.


So how do i reuild? Do i talk to the creditor and explain the situation? I dont even know where to start. I currently have an unsecured credit card which im gettiing stabbed in the face with for interest.

also the loan im shooting for is appx. 9900k. I make more than 40k a year.

[Lohman446]

You contact a lawyer, fill out the proper fraud complaints, and let the authorities handle it. What your father did was credit fraud, and you should be able to have things taken off your record - keep in mind they might pursue him (this is assuming you had no knowledge of the acount). Granted this is not easy as it will likely involve the legal system and your father so there may be other things to deal with (I don't know, not having a parent who would do this). THere are ways to have this not be your problem, there will be negative consequences for your father though.

[Carbon]

thnx!

[Pneumagger]

why did that read as an enthusiastic "thnx" - lol

[Altimas]

Probably the "!" Which is the common symbol for enthusiasm and used mostly at the end of exciting or profound statements. (Yeah I'm still pegging you for the whole Buss See thing...)

[Triangle]

Bunker him as you would someone llike say....ZakVetter.

[MANN]

also the loan im shooting for is appx. 9900k. I make more than 40k a year.

you are tring to get a loan for 9.9million dollars. 9,900,000 dollars????

assuming you paid all of your annual income it would take ~ 250 years to pay it off

I hope I am mis reading this and you are wanting a loan for 9,900 dollars. Like lohman said defiently talk to lawyers

[billybob_81067]

I would like a loan for 9.9 million dollars. :)

[Steelrat]

Your father committed identity theft. You shouldn't have been liable for any of it unless you signed the application. The credit card companies or banks should have just taken care of it. If it already went to collection, and you made payments, you might still be able to have it fixed.

PM me for specifics if you like.

[BeaverEater]

How old were you when he did this, were you a minor?

[Carbon]

oops i meant to put 9.9k.


well, he did it to my sis and bro when they were minors, i was probably around 21- 22 at the time. In anycase i will follow up on the any remaining outstanding debts. I received preliminary info from a loan officer.

[SCpoloRicker]

Save up and buy the car outright.

But, yeah, give Steelrat a call or a PM; he da man. :)

[Dubstar112]

Is he a loan shark?(steerat.)

[PumpPlayer]

The best way to get a great loan is to borrow an ammount of money lower than what you already have.

Example - when I bought my car, it cost $1k. I could have paid cash but it was smarter for me to take a loan. I took a 12-month loan from a bank I had over $30k in. They gave me a rediculously good interest rate, obviously. I paid the loan off in 6 months and it did wonderful things for my credit rating. I ended up paying a total of around $16 in fees and interest for that loan (plus the original principle, obviously).

I understand that this is obviously a best-case scenario and is not an option available to everyone.


$9.9k? This isn't for a car, is it? If so, might I suggest something a little more... humble? My $1k, 1994 Ford Taurus Wagon runs great and gets 24 MPG. It costs me more in insurance for a year (though not by much) than the car is worth. Just a suggestion.

Credit "fixes" have already been mentioned and all require legal intervention. My advice is to reduce your expenses so that you don't need the loan... or at least not as large of a loan.

[bornl33t]

yeah, hey that sounds like identity theft! That's something the feds would be happy to look into for ya!