Helping out a parent as a guarantor for balance transfer credit card

GlasgowGuy95

Hello,

For the past 5-10 years my mum has been in financial difficulty and it has only recently been brought to my attention just how badly she is struggling to get by due to the various out goings she has committed to financially (debts dating back +10 years). I had suggested to her that she should get a 0% balance transfer card and shift everything into one which would ultimately allow her to reduce her overall monthly outgoings slightly freeing up some money to her for living costs while paying 100% to her debt opposed to the massive interest rates which she is currently paying to. Unfortunately she was declined by all card providers on a certain compare site where i done a search for her on her behalf which surprised me as i thought she would have been able to use this as a kick start to getting herself on track and also now i feel incredibly guilty for building her hopes up!

I myself have a 950+ credit score so going for these types of cards wouldn't be an issue so what i was wondering is, is there anyway/anyone which would allow me to get my mum sorted out with the 0% balance transfer card which she needs while me being a guarantor for her as a back up? If not, how approachable are the underwriters of these credit card firms? Would it be an option to make direct contact with one and explain the situation to them?

Also, if we were successful in doing this and i was allowed to be the guarantor i would be looking for this to solely build her credit score and not mines so how would this effect both?

Any and all advice will be highly appreciated

Many Thanks

[Deleted User]

Credit cards don't have guarantors. She will need to apply in her own name, or you apply in yours.

If you decide to transfer her debt to your card, then note that it will become your debt, not hers.

Neither your nor her credit score has any impact on borrowing, as they're just a number made up by the CRAs, with no relevance to your credit worthiness. Pay no attention to them.

You'll need to look at the data on your credit files to get a view of what sort of risk you pose to lenders.

Craig1981

if you are deciding to take on her debt, to clear it, your best bet is a Money Transfer card, 0% over however many months you can get accepted for. a Balance transfer card may work but this will depend on the company, as not all companies allow transfers from another name

all by zx81 is correct - scores dont mean a thing

i would assume this is going to be a gift to your mum? from experience, money and family dont mix very well (not saying that this wont)

Sea_Shell

As others have said, if you wish to make a gift to your Mum to help pay off her debts then do so. But it doesn't sound like she's going to be able to make (all) the repayments to you, if that's what you agree between yourselves, if she's in that much of a pickle.

Be prepared to write the money off, and any she does pay you back is a bonus.