Posts Tagged ‘ cosigner ’

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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The difference between an authorized user and a cosigner

Dear Experian, I am wondering about the difference in liability between a cosigner and an authorized user on a credit card. I understand that if I am a cosigner on my ex-wife’s credit card, I am responsible for the debt if she defaults or declares bankruptcy. Is this also true if I am not a cosigner but an authorized user? Also, if I am an authorized user, can I have my name removed from the account? - URY

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Being removed from an account after cosigning

Dear Experian, I am a cosigner and the secondary user on a credit card. I am not the primary user. I want to get my name off of the credit card. I called the credit card company, and they will not remove me. Is there a way to remove my name? The primary user tried also, and they still won't do it. - WKN

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Removing ex-spouse’s address from your credit report

Dear Experian, I had you remove my ex-wife's address from my report, and now it is back on there. I need to know why, and I would like it to be removed and to stay removed. - RPR

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Getting removed as joint credit card account holder

Dear Experian, I am a cosigner and the secondary user on a credit card. I am not the primary user. I want my name removed from the account. I called the credit card company, and they will not remove me. Is there a way to remove my name? The primary user tried also, and they still won't do it. - WKN

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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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Car repossession could appear in minor’s credit report

Dear Experian, If a car loan is opened in a minor’s name as a joint loan with a parent co-signer can it be reported as a repossession on the minor’s credit if the car is repossessed? - ABA

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Creditor reporting account as “Joint” rather than as “Cosigner”

Dear Experian, How should a loan I cosigned for my daughter be listed on my report? The creditor listed it as "Joint" but the credit union told me they put me in their system as the primary borrower, which is wrong. My daughter is the primary borrower. - SJH

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Cosigning mortgage for daughter can impede access to future credit

Dear Experian, I cosigned on a mortgage loan for my daughter. My credit report shows this as my mortgage, even though I am not making payments. Does this reflect on my credit if I want to take out a loan in the future? And if it does, what can I do about it? - ZIM

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Potential consequences of cosigning an apartment lease

Dear Experian, Is there any affect on your credit report and getting a loan in the future if you are a cosigner for an apartment? - ICL

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Being a cosigner can help build your credit

Dear Experian, I currently have no credit. Not bad credit, no credit. I am interested in purchasing a new vehicle and a family member has offered to cosign. However, we've been offered zero percent interest because of her excellent credit but only if she's the primary and I cosign. If we do this and I am the one who makes the payments monthly, will me being the cosigner give a positive effect and establish my credit? - SSL

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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

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Mortgage cosigner’s credit report not affected by bankruptcy

Dear Experian, If two single people co-sign on a home mortgage and one of them files for Chapter 13 bankruptcy, will the credit report of the other co-signer for the home mortgage be affected, even when the mortgage payments are kept current? - LMS

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