Long post ahead, but I could really use some financial help. As far as I see it, I’m absolutely fucked. Graduated high school in 2010, parents took out student loans in my name without my knowledge. They defaulted on an obscene amount of these loans and because they were in my name, my credit was massively impacted in a negative way. They never told me about the loan defaults and I had no idea about them until December when I was offered a promotion where I work.
With the promotion came a credit check and I was nearly fired because of the delinquency on the loans. Out of curiousity I went to my bank and applied for a credit card on two occasions. I was denied both times. After the second CC denial, I went to check my credit score. Wanna guess what my score was?
580. Yep, you read that right. 580.
Fucking garbage. I had to go the bank and get a “secure card.” That was beyond embarrassing. A secure card means that the bank holds onto a specified amount of money and they use that as collateral in case you default on the credit card. I gave the bank $500 and they should send me a “secure card” by the end of next week. So, basically, I’m out $500 and whatever I spend on the card. It’s almost a catch 22 because I have to spend the money to rebuild my piss poor credit but it’s going to be hard to spend the money and pay it back every single month because of the money I had to put down to get the card.
My parents defaulted on these student loans while promising me that my college education (that I didn’t complete which is a totally different story) was being payed for in full. Total first world problems but FUCK they really screwed me over. The kicker is that they did this to my twin sister as well. They quit paying her student loans after she graduated with her masters degree in accounting. Luckily she was able to somewhat recover and is well off enough to repay these debts and it hasn’t effected her credit score in such a negative way as it has mine. She and I discussed it earlier and it seems as though my parents payed way more on her loans than they did mine. So basically they fucked me over and knew they were doing so.
I was looking forward to moving to Charleston, SC after I finish tech school next May. Now it looks like my dreams are shattered and I won’t be able to rebuild my credit for god knows how long. Without credit I can’t do shit and I’m really in a bad spot. Please help or offer suggestions.
I don’t know what to do.