How Can I Get Off My Husband's Credit Card?

Removing your name from your husband's credit card is a simple process. As a secondary cardholder, you just need to alert the credit card company that you no longer wish to be on the account, and the company will remove your name. Keep in mind, however, that you will still be responsible for any debts incurred on the card during the time that your name was on the account. Creditors can and will legally pursue you for those debts.

Instructions

1

Write a letter to the credit card company stating that you want your name removed from the joint account. Include the account number, your credit card number if it is different, your name, your husband's name, and your address for identification.

2

Have your husband write a second letter requesting that the credit card company remove your name from the account. Some companies may not make changes to an account without permission from the primary cardholder.

3

Send both letters together through certified mail and request a receipt. This will provide you with proof that the credit card company received your request.

4

Call the company two weeks after you get the receipt to make sure they have processed your request, and that your name is no longer on the account.

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Definition of Debt Consolidation Loans

Debt consolidation loans can be used to lower your monthly payment and to lock in a lower interest rate. While there are advantages of debt consolidations loans, they can be dangerous if you do not manage your money wisely. There are several different types of consolidation loans to choose from.

Debt Consolidation Loans

A debt consolidation loan is a loan you use to pay off several smaller loans. The smaller loans are put into one larger loan with different terms than they originally had. People will often consolidate credit card loans with high interest rates with a consolidation loan that offers a lower interest rate. The terms of the loan can be adjusted and the monthly payment may be lower than the combined payments of the previous loans. A consolidation loan may be a signature loan with no collateral, similar to a credit card, or a consolidation loan can be tied to a home, a vehicle or something that is of value. Additionally you may have the option consolidate your student loans through the federal government.

Debt Consolidation Loan Benefits

One benefit of a debt consolidation loan is that it can lock in a set interest rate. It also gives a definite timeline for paying off the loan since the payments are set with the end of the loan in mind, unlike a credit card. It can lower your monthly payments if you are struggling to pay just the minimums on your credit cards, but the lower the payment, the longer the term of the loan and the more you will pay in interest for the loan.

Debt Consolidation Loan Dangers

One danger of a debt consolidation loan is that many people continue to use their credit cards after they have paid off the balances. After a few years, they may have run their credit cards back up and have a difficult time making the payments in addition to the debt consolidation loans. Another danger is choosing a loan that uses your home as collateral. If you cannot make payments on that loan, you could lose your home. However, if you miss credit card payments, your home is not in danger of being repossessed.

Choosing the Right Consolidation Loan

When choosing a consolidation loan, shop at several different banks and credit unions to find the lowest interest rate available. Be sure you go with a bank that you recognize and has a good reputation. Many banks that advertise consolidation loans in the mail or on television have poor terms and high fees. Do not roll a loan with lower interest rate into a consolidation loan with a higher interest rate.

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How to File a Hardship Garnishment in Ohio

When a person owes money to another party, the creditor party may try to collect the money with the aid of a court of law. If the person files a lawsuit and wins, the judge will likely give him a civil judgment, declaring legally that the debtor owes him a specific amount of money. There are certain instances in which the debtor will not have to pay because of low income, although Ohio has no specific hardship law that prevents garnishment.

Garnishment

In Ohio, before a person can have his wages garnished, a creditor must first received the permission of a judge, who will legally order the garnishment. Any garnishment attempted or accomplished without the permission of a judge is illegal and should not be honored by the employer. Before the garnishment will go through, the individual will have a chance to contest the garnishment in a hearing.

Ohio Law

Ohio has a number of different laws that shield individuals from garnishment. These include exemptions for various forms and amounts of income. A full list of exemptions should be given to a lawyer with experience in debt; consult one before a hearing. These objections can also be raised in an appeal on a garnishment, which can be filed after a garnishment has been ordered.

Federal Law

In addition to garnishment laws specific to Ohio, there are also a number of situations in which an individual can be exempt from garnishment by federal law. For example, under federal law, a person cannot have his wages garnished if he makes under a certain amount of money. As of July 2011, this is limited to 25 percent of the debtor's earnings or the amount 30 times greater than these earnings -- whichever is less.

Considerations

When facing threat of a garnishment, consult with a lawyer with experience in debt law, a social service organization or a debt counseling firm. The lawyer or the organization can provide the debtor with specific strategies for fighting the debt garnishment. And the debt counselor may be able to head off the debt by negotiating a settlement or an alternate payment with the creditor.

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Tips to Fix Delinquent Credit Report

Fix delinquent entries on your credit report to improve your creditworthiness. Payment history and delinquencies account for one-third of your credit score, and despite your actual score, the appearance of recent delinquencies on your report never appears in a favorable light to lenders. Fortunately, you can resolve and remove delinquent entries to increase your chances of obtaining new credit.

Request Your Credit Report

First, make a thorough review of your credit report. Though you can purchase a report directly from one or more of the three major credit reporting bureaus (Equifax, Experian and TransUnion), consider reviewing your credit report for free.

If you have recently received a denial for credit, you will receive a letter explaining the reasons for the rejection. This letter also affords you the opportunity to request a free credit report for the reporting bureau within 45 days of the rejection notice.

Request a free copy of your credit file disclosure from each of the major agencies once every 12 months through the agencies' central source website---AnnualCreditReport.com.

Or look for other credit protection websites that will provide you with a free copy of your credit report once you enroll in a credit monitoring program. Although the request will require that you provide a credit card number, you will not receive any charges you cancel the membership within the trial period.

Review Your Credit Report

Review each section of your credit report that contains open accounts and collection records and search for Xs, frowning faces or red lettering. These notations indicate delinquent accounts, often called derogatory accounts. Derogatory marks include payments made 30, 60, 90 or 120 days past the due date. If you have not made a payment on an account within 120 days of the deadline, the credit company will likely transfer the account to a collection agency, foreclosed upon it or repossess it as defined by the account terms.

Make note of all delinquencies and derogatory marks, and look for any inaccuracies or accounts that are not yours. Unfortunately, identity theft occurs regularly and credit reports often contain inaccurate information. As you review, create a list or spreadsheet so you can organize your accounts by date and make notes.

Repair Delinquencies

Above all, continue to pay bills on time, which will show lenders that you now manage your finances effectively and and have begun to work on repairing past credit mistakes.

Everyone has fallen on bad luck in the past, and you may have old delinquencies haunting you. Collections, reposessions and foreclosures will fall off of your credit report seven years from when the situation occurred. Credit reports show payment history on open accounts spanning the past 24 months. If your delinquencies lie within months of the drop-off dates, wait until those items disappear before applying for more credit.

If the delinquencies occurred within the past 24 months or on a paid closed account, contact the lender with a letter of goodwill. Explain the circumstances that resulted in missed or late payments, and request that the lender update the reporting to remove the delinquencies. If your account is in good standing, the lender may take you up on that request; after all, you are a valued customer.

If you are currently past due on accounts facing collections action, contact the lender to work out a payment arrangement. Original lenders would rather receive full payment from you than the percentage they might receive from a collections agency.

If an account has already gone to collections, arrange a pay for delete agreement. Write to the collector offering to pay all or a portion of the balance due in exchange for removal of the collection record from your credit report. Some collection agencies respond favorably to this strategy. Depending on the age of the collection, you can usually pay less than the full balance.

Dispute Inaccuracies

If you discovered inaccurate information or possible instances of identity theft in your credit file, dispute the incorrect information as permitted by the Fair Credit Reporting Act. Mail or email your dispute to the credit reporting agency. The reporting agencies will investigate your query. If they deem the information truly incorrect, they will remove the record(s) from your credit report.

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Does "Power of Attorney" Mean You're Responsible for Decedent's Debt?

Power of attorney is the legal authority one person grants another allowing the recipient to carry out specific actions on the grantor's behalf. Receiving power of attorney does not mean you become responsible for the grantor's debts, though it may mean you have the duty to look after the grantor's affairs, including her debts. Power of attorney laws differ slightly between states, so talk to an attorney in your area if you need legal advice.

Parties

Powers of attorney involve two primary parties: the person granting the power and the person receiving the power. The principal is the person who grants power of attorney to someone else. A principal has to be an adult of sound mind to grant power of attorney, and must do so in accordance with the laws of the state in which he lives. The person, or organization, receiving the power of attorney is known as either the agent or the attorney-in-fact, though this person does not have to be an attorney, nor does receiving power of attorney grant the person the right to practice law.

Duties and Debts

An attorney-in-fact's powers are as broad or as limited as the principal chooses. A principal, for example, can grant you financial power of attorney and have you be responsible for paying his debts on time using his assets. As the principal's agent you have a fiduciary duty to serve the principal's best interests and thus must pay the bills as required. However, the attorney-in-fact is not the debtor and is not personally liable to the creditor for unpaid debts.

Terminations

A power of attorney stops when either the principal voluntarily terminates the power or when the principal dies. No powers of attorney continue past the principal's death, so if you've been given any kind of power of attorney, financial or otherwise, your ability to act on behalf of the principal stops automatically as soon as you learn of the principal's death. Prior to death, the principal can terminate the power of attorney if and when she chooses.

Deceased Principal

While a power of attorney doesn't continue after death, you may be able to continue to act on your former principal's interests after he dies. When a person dies, his property is known as his estate. Estate property has to go to new owners through the probate process. In this process a probate court will appoint an estate executor or representative, a person who has the responsibility to settle unpaid estate debts and transfer estate property to new owners. This executor's financial powers may be very similar to those the agent had while the principal was alive, but an executor is not an attorney-in-fact, and vice versa.

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Debt-Free Strategies

When you want to become debt-free, there are strategies that the pros will recommend that you do. If you ever wanted to be debt free, there's simple ways to get there and stay there. It is a relief to be debt-free and is easier to achieve than you think.

Cash Only

Whenever you go shopping, try taking cash only with you and leave the credit cards at home. Many people budget better when they know they only have a certain amount of cash and are unable to overspend. Rethink those products you buy. Will you buy name brand when the generic brands will do?

Wait 30 Days Before Making Major Purchases

Whenever you think of taking a loan or making a major purchase, wait for a month. Think it over during that and determine if you really need it. Ask yourself if you will use it and if you can afford it now or if it's better to wait and get it later. If after a month you still don't know if you really need it or not, put off purchasing it for another month.

Buy Used Whenever Possible

Most people who are not in debt will tell you that buying a new car is nice, but a used car is usually a better choice. An average of 20 percent of the car's value is gone the moment you drive it off the sales lot, so if you need a car, buying a 2-year-old car will help you save tons of money while giving you a reliable car. It's a car with most of the kinks already worked out, and many are still under warranty for another few years. In addition to cars, this strategy works for purchasing furniture, clothing and computer equipment.

Write Down Everything You Buy

If you don't already have a budget or track your spending, do it now. By tracking your spending, you'll be less likely to overspend and make impulsive purchases. Knowing exactly how much you have to spend also stops you from having bounced checks and the hefty fees associated with them.

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Does Applying for Financing Affect Credit?

Each time you apply for financing or a line of credit, the business' name appears on your credit report as an inquiry, showing creditors that you requested a line of credit. An inquiry might slightly affect your credit score but not your lending opportunities, so long as you don't excessively apply for credit.

Score Impact

Your credit score may drop by up to five points when a lender pulls your credit report, although the total point deduction varies by a person's total credit history. If you apply to several lenders for the type of financing, such as a home or auto loan, your credit score might not decrease with each inquiry. Multiple inquiries over a 14-day period for the same type of loan decrease a credit score the same as one inquiry, so long as you initiate a line of credit within 45 days.

Considerations

If you don't initiate a line of credit within the 45-day period, your credit score will decrease for each credit inquiry. If you apply for multiple types of loans during the 14-day period, such as an auto loan and mortgage, your score decreases separately for each type of loan you apply for. For example, if you submit two applications for a mortgage and four applications for a car loan but initiate a line of credit only for the auto loan, your credit score will decrease based on three individual credit inquiries: the two mortgage inquiries that you never pursued and one auto loan.

How Inquiries Appear to Other Lenders

While your credit score may offer some leniency for multiple inquiries, your lender may not. Lenders can't view the reasons you applied for multiple lines of credit. Potential lenders can only view the number of inquiries you've allowed and the time frame between each instance. Your credit report might suggest that you excessively apply for credit, a reason for declining your loan. The My FICO website warns that borrowers with more than six credit inquiries are more likely to claim bankruptcy than those who have less. Inquiries remain on your credit report for two years.

Applying with Credit in Mind

Shop rates before you submit an application to minimize the number of inquiries that remain on your credit report. If you find an ideal lender who offers good interest rates, apply for a pre-approval. If you're approved for the best rate, assume that other lenders will lend similarly, offering the best advertised rate for your loan. Beware of third-party loan providers, such as dealers or rate-shopping websites. These providers may send your credit application to multiple lenders at once.

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