Can Co-Signing on Credit Card Ruin Your Credit?
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Posted: Mon Sep 20, 2004 12:37 am
Post subject: Can Co-Signing on Credit Card Ruin Your Credit?
Kathy
Date: 3/19/2001 6:14 pm CDT
Hi, my is Kathy and I co signed with my brother for a credit card and later he went bankrupt w/o telling me. Now my credit has being ruined for several yrs. not sure how many, too long. Can I fix this problem? Also, I've been turned down for more credit cards and just found out, that puts a bad mark on my credit history. I am looking for a credit card with low interest so I can transfer my high interest cards to a lower one so I can pay it off sooner. Why do I get credit card pre-approved by mail then get turned down, I sent most of them in or called them in and they tell me they'll let me know in a few days, yet they turn me down, I thought I was preapproved! How come I'm pre-approved for a card if they have to check my credit history after I call them. In the past 2 yrs. 2 credit cards were paid of, amount in each around 2,200.00. Doesn't that help? Currently, I have about 3 credit cards I owe on, one is active. I really want to put all on one card or loan and make one payment a month. Also, I was approved for a car loan at a dealership and I turned them down 'cause I knew I couldn't make the payments. I know I will have to buy a car in a few months since mine is not in great shape. What should I do? I'm so tired of owing every body. I even owe my mom alot of money. Kathy
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Posted: Mon Sep 20, 2004 12:38 am
Post subject: Can Co-Signing on Credit Card Ruin Your Credit?
Hal
Date: 3/19/2001 8:01 pm CDT
Big problem, when you agree to co-sign. The creditor has the right to report the account was included in Bankruptcy, and most credit card issuers scan your credit report for certain key items (i.e. judgement, bankruptcy, charge off) and the decision is made without a person ever seeing the credit report.
A bankruptcy generally affects your credit file for 7 to 10 years. You probably will not be able to get a prime rate card with this entry on your credit report. You can dispute the entry and hope it comes back unverified, but its about a 50/50 chance
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Sep 20, 2004 12:38 am
Post subject: Can Co-Signing on Credit Card Ruin Your Credit?
Linda
Date: 3/19/2001 11:18 pm CDT
Dear Kathy,
My first advise is to take care of the bankruptcy on your credit bureaus (Trans Union, Experian, Equifax... all three). I believe that by law the creditor that you signed w/ your brother should have tried to contact you as co-signer to see if you would hold up your end of the deal. If they did and you opt'd not to pay the debt, then it's your own fault...sorry. Bankruptcies stay on your credit for 10 yrs. You will have slim to none chance of finding a better interest rate to consolidate w/ this mark on you.
Second, stop applying for credit everywhere, it labels you as a "credit seeker" (possible pyramiding debt-meaning living beyond your means) Everytime you apply this creates an inquiry on your report, they stay on for 2 yrs... not a bad thing unless you have several and have not received the account that you applied for... In addition, everytime you are denied you are entitled to a free copy of your credit bureau. You have the advantage of seeing "exactly" what is on your bureau, not just what you think is there. If you do not agree w/ something on there, then disputed the item w/ that credit bureau. The credit bureau has to investigate your dispute and the creditor "must" reply w/in 30 days! Sound like a long time? Not as opposed to trying to deal w/ that creditor who frankly, doesn't care. As far as the multiple offers to apply for credit.... read the fine print, they are almost "always" subject to credit approval. You can have your name removed for marketing purposes through each of the credit bureaus I named above, just call 1-800-555-1212 (1-800 information directory)and ask for each listing but, I think you can only receive 2 numbers at a time.... I hope that I answered all of your questions, e-mail me if have any more, I'll try to answer them or give you some good advice, Good Luck! Linda P.S- 12+ yrs in the finance business
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Sep 20, 2004 12:37 am
Post subject: Can Co-Signing on Credit Card Ruin Your Credit?
Kathy
Date: 3/19/2001 6:14 pm CDT
Hi, my is Kathy and I co signed with my brother for a credit card and later he went bankrupt w/o telling me. Now my credit has being ruined for several yrs. not sure how many, too long. Can I fix this problem? Also, I've been turned down for more credit cards and just found out, that puts a bad mark on my credit history. I am looking for a credit card with low interest so I can transfer my high interest cards to a lower one so I can pay it off sooner. Why do I get credit card pre-approved by mail then get turned down, I sent most of them in or called them in and they tell me they'll let me know in a few days, yet they turn me down, I thought I was preapproved! How come I'm pre-approved for a card if they have to check my credit history after I call them. In the past 2 yrs. 2 credit cards were paid of, amount in each around 2,200.00. Doesn't that help? Currently, I have about 3 credit cards I owe on, one is active. I really want to put all on one card or loan and make one payment a month. Also, I was approved for a car loan at a dealership and I turned them down 'cause I knew I couldn't make the payments. I know I will have to buy a car in a few months since mine is not in great shape. What should I do? I'm so tired of owing every body. I even owe my mom alot of money. Kathy
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 20, 2004 12:38 am
Post subject: Can Co-Signing on Credit Card Ruin Your Credit?
Hal
Date: 3/19/2001 8:01 pm CDT
Big problem, when you agree to co-sign. The creditor has the right to report the account was included in Bankruptcy, and most credit card issuers scan your credit report for certain key items (i.e. judgement, bankruptcy, charge off) and the decision is made without a person ever seeing the credit report.
A bankruptcy generally affects your credit file for 7 to 10 years. You probably will not be able to get a prime rate card with this entry on your credit report. You can dispute the entry and hope it comes back unverified, but its about a 50/50 chance
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 20, 2004 12:38 am
Post subject: Can Co-Signing on Credit Card Ruin Your Credit?
Linda
Date: 3/19/2001 11:18 pm CDT
Dear Kathy,
My first advise is to take care of the bankruptcy on your credit bureaus (Trans Union, Experian, Equifax... all three). I believe that by law the creditor that you signed w/ your brother should have tried to contact you as co-signer to see if you would hold up your end of the deal. If they did and you opt'd not to pay the debt, then it's your own fault...sorry. Bankruptcies stay on your credit for 10 yrs. You will have slim to none chance of finding a better interest rate to consolidate w/ this mark on you.
Second, stop applying for credit everywhere, it labels you as a "credit seeker" (possible pyramiding debt-meaning living beyond your means) Everytime you apply this creates an inquiry on your report, they stay on for 2 yrs... not a bad thing unless you have several and have not received the account that you applied for... In addition, everytime you are denied you are entitled to a free copy of your credit bureau. You have the advantage of seeing "exactly" what is on your bureau, not just what you think is there. If you do not agree w/ something on there, then disputed the item w/ that credit bureau. The credit bureau has to investigate your dispute and the creditor "must" reply w/in 30 days! Sound like a long time? Not as opposed to trying to deal w/ that creditor who frankly, doesn't care. As far as the multiple offers to apply for credit.... read the fine print, they are almost "always" subject to credit approval. You can have your name removed for marketing purposes through each of the credit bureaus I named above, just call 1-800-555-1212 (1-800 information directory)and ask for each listing but, I think you can only receive 2 numbers at a time.... I hope that I answered all of your questions, e-mail me if have any more, I'll try to answer them or give you some good advice, Good Luck! Linda P.S- 12+ yrs in the finance business
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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