Posts Tagged "cosigner responsibility"

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

Responsibility for a cosigned loan when the engagement is called off

Dear Experian,

If I cosigned on student loans for someone I was previously engaged to, but the relationship did not work out, am I still jointly responsible for those loans?

– SDE

Credit report can’t show half a mortgage

Dear Experian,

My son in-law and I purchased a house together in only his and my name. Can I contact the credit bureaus and let them know that only 50 percent of that dollar amount is my responsibility? That way I would have a lower credit ratio.

– RAE

Cosigning for a student loan can affect your credit report as well as the student’s

Dear Experian,

If a person cosigns a student loan for a college student, how does it affect their credit? Does the amount of the loan get included in their debt-to-income ratio?

– CHA

Be very cautious about cosigning your girlfriend’s or boyfriend’s lease

Dear Experian,

I am thinking about cosigning an apartment lease for my girlfriend. I would not live there. I know that if she makes a late payment or doesn’t pay that I will be responsible for the lease payments and that it will show on my credit report. But, will the simple fact that I am a cosigner show up on my credit report if I want to apply for a loan or mortgage for myself? Assuming she pays as agreed will cosigning affect my credit score?

– LYB

Cosigning for stepson can hurt your credit report

Dear Experian,

I cosigned for a car for my stepson. I thought that if he didn’t pay I would be responsible for the loan, and I was fine with that. What I didn’t realize is that if he was late with his payment, my credit would be affected. I had a credit score of 803 when I signed. He missed payments, and now my credit score is lower. Even though this is not my loan, will my credit report be affected for seven years? Is there a way to correct this?

– LPH