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Ben
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Subject: Consigner obligations: How can it affect credit score?
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Sat Jan 17, 2009 10:32 am
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| I have so-signed a credit card for my friend about 2 years back. I have heard that if he makes any default in the credit card and do not pay back on time, this will be reflected in my credit report and my credit score may get lowered. Can I withdraw my name as co-signer now? |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Sat Jan 17, 2009 10:50 am
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You cannot withdraw your name from the credit card application once you have signed as a co-signer. The creditors ask for co-signer in order to avoid the risk of the borrower becoming default in his payments. If you cosign a loan agreement or a credit card agreement, this means that you accept to pay back the debt in case the original creditor fails to pay it back. If the original borrower do not pay it back, it will reflect in your credit report as well as the credit report of the original borrower and lower the credit score of both of you.
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Where there's a will, there's a way !! |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Sat Jan 17, 2009 11:06 am
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Yes, this is the main reason why one should think before signing anybody loan or credit cards agreement. If the original borrower does not pay off the debt in full, Federal law requires the co-signer to pay off the entire loan amount including the late fees and collection charges. Moreover the creditor can even sue you to the court and bring judgment against you to recover the debt. The judgment may result in either garnishment of your wages of you bank account till the time the debt is repaid in full.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sat Jan 17, 2009 7:35 pm
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| Ben, if you feel the person you co-signed for is risking your credit I would ask for him to see if he could not get the balance trasferred to a card solely in his name. A lot of times on new balance transfers a person will get great interest rates for a certain period of time. This could be good incentive for the other peson to transfer the debt. Right now your fate (or your credit's) lies in the hands of another individual so I would make the effort to talk with him and see about transferrring the balance to another card and closing this one. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
109 Magic Points
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Subject: credit
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Thu Jan 22, 2009 11:59 am
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| My EX-Father-In-Law has Co-Signed several loans for my EX husband. SEVERAL times, my EX has 'defaulted' on a a few of these loans. My Ex-Father-in_law is self-employed. Instead of the payments coming out of his checks, the payments are comong out of his bank account. I would NEVER ask anyone to C-Sign anything for me...that would make the other person 'obligated', for my debt, if I don't make payments. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Fri Jan 23, 2009 12:22 am
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| Problem is these days you cannot trust anyone to co-sign. With loans and credit becoming harder to get even for the person with great credit I would not co-sign and have some one make it immpossible for me to get help when I needed it. |
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Doc
Joined: 02 Dec 2008
Doc's page
Posts: 203
Location: McKinney, TX
954 Magic Points
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Fri Jan 23, 2009 12:44 am
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It is indeed a critical decision, as any account to which your social is attached is your responsibility, as much as anyone else whose social appears on the same account!
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-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site... I don't wanna sell you anything, I just wanna increase my traffic, and push my site up in the search engine rankings...
http://www.omegacreditrepair.com |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Fri Jan 23, 2009 11:39 am
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| Yes a social security number is something you want to protect and value dearly. One time it is misused by you or someone else can start years of headaches and frustration. |
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hankinsrealtor@yahoo.com
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Subject: Old Age
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Thu Sep 03, 2009 9:56 pm
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| mother 89 signed a co sign note at bank for daughter did not know what she was doing.. bank did not explain liability. She has no experience in such matters what can she do to get off note? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Fri Sep 04, 2009 11:29 am
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Getting off note as co signer may be difficult. As an adult the bank would only assume that you have every idea of what you are doing. So, if you have co signed a loan you will be responsible unless you refinance the loan at another organization where you do not need any co signer at all.
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Keep in touch
Carol |
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