What happens if the primary accountholder passes away?

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SWADE23
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What happens if the primary accountholder passes away?

Postby SWADE23 » Mon Jul 23, 2012 7:14 am

Hey guys....
I am an authorized user on my mom's credit card...
She just left us yesterday...
I didn't have the time or even thought about having her remove me from the card...
So what happens now? Should I or do I simply call and have myself removed from the card before we tell them she has passed? Can I remove myself without the main user on the phone? I was an authorized user but never had a c.c. or used this card, I don't want Chase knocking on my door for the balance once they find out she has passed...
Thanks


Ratfacedudeguy
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Postby Ratfacedudeguy » Mon Jul 23, 2012 8:07 am

First of all, my sincerest condolences for your loss. If you're only an authorized user on the card, you're not held legally responsible for repayment like you would if you were a joint owner or a coborrower. Paying off debts in most cases will be handled by the executor of the estate, and before paying anything out of pocket they'll want to consult with her life insurance company if she had one to see if the payout will be sufficient to pay off those debts. Chase is going to need to know that she has passed away, as will all financial institutions she has current relations with. Whether or not Chase decides to remove you really won't make a difference because the account will be shut down anyway as soon as you tell them the account holder is deceased.

Hang in there buddy...
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SWADE23
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Postby SWADE23 » Mon Jul 23, 2012 8:41 am

Thanks for the info!!

SWADE23
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Postby SWADE23 » Mon Aug 06, 2012 3:42 pm

Ok so after a stressful 2 weeks, I finally called to close the acct.
Chase removed my name and is going to go after her estate just as Ratfacedudeguy2 stated.
So what kinda credit ding am I expected to see? I know its hard to say, but that acct was my oldest open line of credit.
Basically, is there any negative affects on my credit because this happened?
Anything I need to look out for?

Thanks!

jlam572
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Postby jlam572 » Mon Aug 06, 2012 4:48 pm

Sorry for your loss. Go to creditkarma and get your report. You can run the scenario to see what happens when that acct is removed from your active credit.
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