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

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

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

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

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

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

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

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

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

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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