I hope the couch was worth it. . .

[Anonymous]

Years ago, because I was young and did not have sufficient credit history, I used a family member as a cosigner on an account to purchase furniture for my first apartment. I paid the account in full and assumed that account was closed. I fully understand this mistake.

The cosigner purchased furniture at a later date, but rather than opening a new account, the furniture company used the existing account with me as a cosigner. Both the cosigner and I were unaware that my name would still be attached to this account.

I am aware that the only way to close the account is to pay in full, which I am happy to do. However, the cosigner’s history of late payments is affecting my credit and ability to purchase a home. Does anyone know if this negative information can be removed or disputed on my credit report?

Thank you!

Ty

[Anonymous]

Nope, you opened the account as a co owner and are fully liable for the account.  The only thing you could do is send GW's to the company to remove them from your CR but it is probably doubtful.  Cosigning is a tough deal

[Anonymous]

What is a GW?

[Anonymous]

Goodwill letter

[MarineVietVet]

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@Anonymous wrote:

What is a GW?

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Welcome to the forums.

Here is a list of Abbreviations.

[Anonymous]

Thank you. How ironic that the very cosigner required for my insufficient history of creditworthiness is now ruining my credit and chance for homeownership. Another year of renting for me. The best part is that I was just promoted, so I won't qualify for this first time home buyers program next year due to my increased income. I understand that lenders assume risk and why this information is necessary, but I guess innocent until proven guilty only applies to criminals.

Any chance that I would have any recourse with the lender? The cosigner completed a new application when the second purchase was made. Everyone, including the salesperson, was under the impression that  this was a new account.

Ty

[Anonymous]

Has anyone ever tried to get copies of the original credit applications and old statements, years after the fact? Are lenders required to provide these upon request, even for a reasonable fee? They could be very helpful exhibits for a goodwill letter.

The acronym list is very helpful. Google wasn't much assistance. I was pretty sure we weren't talking about George Washington, Global Warming, or Gaseous Waste.  

Thanks!

[rckstrscott]

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@Anonymous wrote:

Thank you. How ironic that the very cosigner required for my insufficient history of creditworthiness is now ruining my credit and chance for homeownership. Another year of renting for me. The best part is that I was just promoted, so I won't qualify for this first time home buyers program next year due to my increased income. I understand that lenders assume risk and why this information is necessary, but I guess innocent until proven guilty only applies to criminals.

Any chance that I would have any recourse with the lender? The cosigner completed a new application when the second purchase was made. Everyone, including the salesperson, was under the impression that  this was a new account.

Ty

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Well, How informed are you about first time home buyers program, and buying a house in general? Are you just make assumptions or have you actually researched this? What type of loan were you going with? FHA? Conventional? VA? What are your current FICO scores?

Second; do you have the original paperwork you signed? That could help you.

Three; How is it actually reporting on your credit report? When are the lates from, how old? are they 30 day lates, 90 days? What exactly is the listing showing?

Have you done anything to this point to correct it, or are you just asking for information at this stage? Have you done any CRA disputes? What company is it?

-scott

[rckstrscott]

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@Anonymous wrote:

Has anyone ever tried to get copies of the original credit applications and old statements, years after the fact? Are lenders required to provide these upon request, even for a reasonable fee? They could be very helpful exhibits for a goodwill letter.

The acronym list is very helpful. Google wasn't much assistance. I was pretty sure we weren't talking about George Washington, Global Warming, or Gaseous Waste.  

Thanks!

---

Lenders are only required to provide this in legal discovery in response to a lawsuit. They may or may not respond to your request, you could always call and explain the situation.

-scott

[Anonymous]

The loan is a special 1st time buyers program. It's a conventional loan with a 4.25% rate, a very low down payment, and no mortgage insurance requirement. It does require an income of less than $63k, which I will likely exceed next year. The loan also requires that the applicant have no late payments in the past year.  My score was 710 this winter and is in the high 600's now.

I don't have the original paperwork. I don't even have the furniture anymore. This was seven or eight years ago while I was in college.

My lender didn't say how delinquent the payments appear on the report. The payments for the second purchase were always made within a few days of the due date, but late fees were assessed.

I am willing to just pay the account in full, and CLOSE it but this won't help the issue of late payments on my credit history for up to seven years. I am still gathering information and have only spoken to one customer service rep thus far. The lender is capital one. I've never had any issues with paying my bills on time, so this process is new to me. I appreciate any advice!

Thanks,

Ty