I cosigned on a HR loan in '97 with my sister's ex. He has never paid on time and the balance is the same as when acct was opened. My credit it A+ perfect otherwise and this is killing me. In the last 2 weeks Fleet dropped my Visa limit from $10k to $700 and Wachovia closed my credit line, both due to "serious delinquency" and "balance owed on delinquent account" Is there anything I can do to get rid of this other than him paying it off? I know he would never be approved to refi in his name.
It's going to have to be paid off somehow to get your name off. Either he pays, or you do. That's usually why cosigners are required--because the primary person doesn't qualify. Maybe you could make a deal with him to buy the property from him and rent it to him. Or just have him sell it and find someplace else to live. But somehow, you have to get this paid to get rid of it. It's going to haunt you for a while.
So if I pay off the balance is there a way to remove the negative pmt history from my report or am I stuck with it forever?
I hate when this happens to a person with a kind heart. The good news is it only stays on your report for 7 years.
This is my SISTER'S EX-HUSBANDS ACCOUNT...I had no advance knowledge that he would not pay. I will pay this in full to get rid of it...BUT I would like you to remove the poor payment history because I was not the signer of the account...just the co-signer of the account and I had no benefit in any way of the HR ACCOUNT.
I think GEORGE is right on track. When you pay it, tell them that since you didn't know all the times it was late (I'm assuming they didn't notify you each month), that you will pay it if they will be kind enough to remove the negative history, because it is adversely impacting you. If they won't do then, ask them if you pay it and dispute with the CRA, would they just not reply. That way, they don't reply, CRA can't verify, and it's gone. There are ways to get it off before seven years is up. You'll find many success stories here. Don't despair.
Re: Re: bad cosigner on HR account AND THE BAD NEWS IS CREDITORS & INSURERS GET TO SCREW YOU FOR THE WHOLE 7 YEARS WITH HIGHER INTEREST AND INSURANCE JUST LIKE 2 OF THEM ARE ALREADY DOING! WHY PUT UP WITH 7 YEARS OF TEARS IF YOU CAN WIPE THEM AWAY IN LESS? ? ?
