Posts Tagged ‘ cosign ’

Voluntary surrender of truck cosigned for during relationship could wreck credit scores

Dear Experian, I recently co-signed for someone, and our relationship ended. They gave me the truck back and said they no longer wanted it. I have a car payment myself, so it will be hard to have two payments. I also am trying to save money to buy a house within next year. I have thought about voluntarily surrendering the vehicle. My credit has just recently improved. If I decided to do this would it ruin my credit to the point where I wouldn't be able to get approved for a mortgage? - CZC

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Cosigining for an apartment lease could hurt your credit

Dear Experian, I would like to better understand how co-signing for apartment leases affects credit. - IAB

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Being removed as a cosigner from children’s student loans

Dear Experian, I co-signed college loans for my children. They are now both out of school, working and re-paying the student loans on time with no delinquencies. I would like to remove my name as co-signer. Will this increase my credit score, and will it decrease their credit scores? - PBK

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Becoming a guarantor or joint account holder for son’s motorcycle loan

Dear Experian, I want to help my son, a recent graduate, build good credit. He wants to buy a used motorcycle. I was willing to guarantee the personal loan, but the bank wants me to be a joint borrower. If I agree, it is not clear to me whether my son's credit rating will improve as much as if I were just the guarantor. Which approach would produce the greatest benefit? Would being a joint borrower help my son's credit score at all? - HRC

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Cosigners are responsible for debt repayment

Dear Experian, I cosigned a loan with my son. He is not making payments, and it will be turned over to a collection agency soon. Other than this circumstance I have good credit and make all payments on time. How does this one instance affect my credit rating if it's not my loan and I'm just the cosigner? - LCJ

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Student loan will appear on cosigner’s credit report as well as the student’s

Dear Experian, If I cosigned for a student loan, will the loan balance show on my credit report, or it will only show on the student’s credit report? - CSY

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Disputing address, student loans that may belong to daughter

Dear Experian, My wife got her credit report and an address that is not ours showed up. We need it removed along with two school loans that are not ours but may be from our daughter. - LSH

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Cosigning a loan could affect your ability to get credit in the future

Dear Experian, Will cosigning a student loan hurt my chances of receiving a car loan in the future? -SWK

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Bank may not notify you when cosigner fails to pay

Dear Experian, I co-signed my son’s auto loan. He was over 30 days late on one payment. Why should that impact my credit score when I was never notified by the lender or asked to make the payment? I knew I was responsible for the loan balance if asked to pay. But, I had no idea that my credit score would be lowered when I was never asked to make a payment. - JHP

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Deciding whether to cosign a car loan for your son or daughter

Dear Experian, My son has less than perfect credit but was told by his bank he could get a car loan with a co-signer. I have extremely high scores and do not want them lowered for any reason under my control. Assuming all of his loan payments are made on time and the loan always remains current, will this negatively affect my credit scores? - BOA

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Parents refuse to cosign for student loan to protect credit standing

Dear Experian, I am trying to get a student loan, but my parent's refuse to cosign because they fear cosigning for my student loan will affect their credit score, thus lowering their chances of getting a mortgage. This is so important because this will be my final year of college. Is this true? - YOD

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