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Cosigned Like A Fool

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Pinkyde
Member

Cosigned Like A Fool

Here is the thing, I'm smarter than doing financial favors for others outside of petty cash loans that I can stand to lose. However, my boyfriend of about six years was having car trouble. I refused to loan the 2k. He has been working to straighten out past debt so he assumed USAA would give him a loan then he'd pay it off with his tax refund. Denied. So I figured I'd just cosign and if he were in jeopardy of defaulting before he got his taxes back I could come up with the money. Worst case scenario right? Wrong.

 

Sometime after he got the loan he told me USAA agreed to increase the loan. Mind you every payment was on time. I told him I refused to cosign for an increase and he better not get another loan just because. Acquiring debt for no reason is beyond my understanding. 

 

A couple of months ago checked my credit report through my 3 month with MyFICO and it showed another inquiry from USAA so that pissed me off. My score dropped some to 782. The loan mysteriously grew to over $4,500. I was beyond pissed. Still am.

 

My question is, does USAA have the right to pull my credit again and give an increase without contacting me if I cosigned? After we casually discussed this (sarcasm) he stated they didn't ask anything about me and just gave him the money. Of course the money is gone. No wonder we had so much extra to spend in Vegas. 

 

 I proposed he use his tax refund to pay it down, then sell his truck that's been sitting since his car is running, or pull from his 401k. I honestly don't care how he pays, as long as my name is no longer attached. Do any of you know if a cosigner can be removed from a loan with less than a year of payments? 

 

 


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Message 1 of 19
18 REPLIES 18
silkysean
Regular Contributor

Re: Cosigned Like A Fool


@Pinkyde wrote:

Here is the thing, I'm smarter than doing financial favors for others outside of petty cash loans that I can stand to lose. However, my boyfriend of about six years was having car trouble. I refused to loan the 2k. He has been working to straighten out past debt so he assumed USAA would give him a loan then he'd pay it off with his tax refund. Denied. So I figured I'd just cosign and if he were in jeopardy of defaulting before he got his taxes back I could come up with the money. Worst case scenario right? Wrong.

 

Sometime after he got the loan he told me USAA agreed to increase the loan. Mind you every payment was on time. I told him I refused to cosign for an increase and he better not get another loan just because. Acquiring debt for no reason is beyond my understanding. 

 

A couple of months ago checked my credit report through my 3 month with MyFICO and it showed another inquiry from USAA so that pissed me off. My score dropped some to 782. The loan mysteriously grew to over $4,500. I was beyond pissed. Still am.

 

My question is, does USAA have the right to pull my credit again and give an increase without contacting me if I cosigned? After we casually discussed this (sarcasm) he stated they didn't ask anything about me and just gave him the money. Of course the money is gone. No wonder we had so much extra to spend in Vegas. 

 

 I proposed he use his tax refund to pay it down, then sell his truck that's been sitting since his car is running, or pull from his 401k. I honestly don't care how he pays, as long as my name is no longer attached. Do any of you know if a cosigner can be removed from a loan with less than a year of payments? 

 

 


No you are stuck with this until fully paid off.Only other way out is for him to refinance the car and take you off.Since you have great credit he more than likely will end up with higher interest rate and higher payments.I learned my lesson many years ago from getting burned during favors by co signing for family loved ones and close friends.Will never ever do again.If a person can't take there own credit and finances serious and make mistakes I won't be the bailout.I will rather loan money than consign cause I will only loose money.With credit one late payment or mistake cost you your good credit.Good luck 

Message 2 of 19
youdontkillmoney
Valued Contributor

Re: Cosigned Like A Fool

1. You signed a contract and whether the language says they can pull additional credit reports if your boyfriend asks for an increase in the loan amount is something you should review in the contract language, the lender can only legally do what the ocntract allows them to do, maybe it says they have permission to pull credit under certain conditions, asking for a larger lona may be one

2. You signed the contract, you want out...pay off the contract or get him to possibly reifnance on his own and pay it off to get you off, probbaly not possible if he needs a cosigner in the first place

3. He is not borrowing money to just borrow for no reason, he "needs" the money in his mind, you mentioned vegas, maybe he likes to gamble and hoped to win big and dreamt of paying off all the loans..perhaps it did  not work out that way. He has his reasons for wanting more money, he could be hiding debt etc and needs money. We all have secrets, even me.

4. I suppose you must love and care for him much to be in this together, so best of luck to you.

Message 3 of 19
Anonymous
Not applicable

Re: Cosigned Like A Fool


@Pinkyde wrote:

Here is the thing, I'm smarter than doing financial favors for others outside of petty cash loans that I can stand to lose. However, my boyfriend of about six years was having car trouble. I refused to loan the 2k. He has been working to straighten out past debt so he assumed USAA would give him a loan then he'd pay it off with his tax refund. Denied. So I figured I'd just cosign and if he were in jeopardy of defaulting before he got his taxes back I could come up with the money. Worst case scenario right? Wrong.

 

Sometime after he got the loan he told me USAA agreed to increase the loan. Mind you every payment was on time. I told him I refused to cosign for an increase and he better not get another loan just because. Acquiring debt for no reason is beyond my understanding. 

 

A couple of months ago checked my credit report through my 3 month with MyFICO and it showed another inquiry from USAA so that pissed me off. My score dropped some to 782. The loan mysteriously grew to over $4,500. I was beyond pissed. Still am.

 

My question is, does USAA have the right to pull my credit again and give an increase without contacting me if I cosigned? After we casually discussed this (sarcasm) he stated they didn't ask anything about me and just gave him the money. Of course the money is gone. No wonder we had so much extra to spend in Vegas. 

 

 I proposed he use his tax refund to pay it down, then sell his truck that's been sitting since his car is running, or pull from his 401k. I honestly don't care how he pays, as long as my name is no longer attached. Do any of you know if a cosigner can be removed from a loan with less than a year of payments? 

 

 


While contemplating the implications of this on your credit I would equally contemplate your future with this BF. 

Message 4 of 19
marty56
Super Contributor

Re: Cosigned Like A Fool

I am suprised that they increased the load with contacting you.  In the short term, the INQ will go away.  IMHO I would start saving some money so you can make the payments on the loan if you have to.  I would ask him to show you the statement each month to be sure that he is paying the loan, otherwise a late payment will hurt you way more than the INQ.

 

Since you posted in this part of the forum  - relationship wise, I would question his wisdom in going to Vegas with this debt that he has made you responsible for.

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Message 5 of 19
Kutuzov
Frequent Contributor

Re: Cosigned Like A Fool

 

 

Well you knew he was in debt and went to Las Vegas with no questioning on how he got the money, or will he repay the loan after the honeymoon?

You knew from the go he was not doing good with finances and his expenses didn't help. Some people think that credit is a second income, my wife is one of them, she literally says "I got money on such cc", I had explained not once but multiple times she doesn't have money she has the ability to create debt. Lucky for me I had always managed our finances and her income goes to a joint account. I then give her a "salary" and make her pay in full her cc. After 10 years within the last year she had finally learned that a cc is not extra cash, maybe my more aggressive approach lately of making her PIF every paycheck, and not ending paying myself the bill is what's making progress. Anyways her bills are never more than 500-1000 at the most a month sometimes not even that, so I usually let it slide and pay. One thing for sure I would not depend on someone else paying the bill, I'll make sure I'm paying the bill and the other person is giving me the money a week before the due date.

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Message 6 of 19
MTSN
Regular Contributor

Re: Cosigned Like A Fool

I hate to sound harsh, but he sounds like a moron. I would either figure out a way to make him pay off the loan or refi to get your name off of it, then I would break up with him and move on. Clearly he's not the learning type, and getting married to someone like that would be a terrible idea.

Message 7 of 19
Pinkyde
Member

Re: Cosigned Like A Fool

LMAO. In the heat of it I was thinking the exact same thing! Its his very first transgression with me like this in our 5 1/2 year relationship, so I will let this be his lesson to learn from. He's actually taking this very serious right now to pay it off. He was walking the line for a minute. I appreciate the honesty.

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Message 8 of 19
Pinkyde
Member

Re: Cosigned Like A Fool

Youdontkillmoney, I dont know why my first instinct wasnt to look at the contract. Awesome advice. Im sure it will be paid off soon, but I will look into the contract for back up! You all give useful and honest advice. Very much appreciated.

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Message 9 of 19
Officer737
Established Contributor

Re: Cosigned Like A Fool

Be real careful. Honestly, I would find some way to pay the loan off (new one with you only on it). pay the old loan and make him pay you instead and then pay the new loan. What's to say that it won't happen again? 

Message 10 of 19
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