Reply
Established Contributor
lithium78
Posts: 928
Registered: ‎07-30-2011

Re: Never co-sign a loan. Never, ever ever.

I called the CU and they are giving me the same old BS that they "can't change what they report legally if they didn't make a mistake" and blah, blah, blah.  I escalated through two supervisors and they wouldn't budge.  I guess the next step is to try to contact their CEO and give them my story.  This is such a mess.  I am so angry I could just scream.


Starting Score: TU: 566
Current Score: TU: 736 (Walmart FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

Take the FICO Fitness Challenge
Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Never co-sign a loan. Never, ever ever.

@lithium,
I'd call back and say "I only cosigned for a 60 month loan". If she renegotiated terms or something else you should have been notified, IMO.

Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Regular Contributor
lovinlifeinkc
Posts: 154
Registered: ‎12-21-2011

Re: Never co-sign a loan. Never, ever ever.

If she only missed **one** payment I would surely ask the lender to remove the negative mark from your score.    Surely they will be kind once the situation is explained.  If they tell you no- keep asking.  35 points is massive!  Good luck to you!! 

Starting Score Aug 2011 590/ Gardening until 2013!!
Current Score Walmart 683/ FICO Equifax 722/738/ 708 Transunion FICO 700/ 725 Credit Karma 648/678/
Goal Score 750
Credit Cards- Orchard $300, Capitol One $300/$500, Amazon $600/$1300 Pennys $700, Walmart $250/$700, Discover $2000, Chase $1500 Pending Citi/Declined Cit- Inquires and new credit....... GARDENING UNTIL 2013 or home loan time!!! Help me stay strong!!
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: Never co-sign a loan. Never, ever ever.


drkaje wrote:
@lithium,
I'd call back and say "I only cosigned for a 60 month loan". If she renegotiated terms or something else you should have been notified, IMO.

OK, I do like this one. Don't know if it will be successful, but it makes sense. It appears that she renegotiated the terms of the contract, and you weren't notified. Wouldn't that invalidate your liability?

 

Definitely worth following up on, IMO. With an endless, uncrackable smile and earnest good will. Bring mini Baby Ruths and Snickers bars for the tellers. :smileyhappy: Make it easy for them to back down, especially if their attorneys start clearing their throats.  :smileywink:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Never co-sign a loan. Never, ever ever.


haulingthescoreup wrote:

drkaje wrote:
@lithium,
I'd call back and say "I only cosigned for a 60 month loan". If she renegotiated terms or something else you should have been notified, IMO.

OK, I do like this one. Don't know if it will be successful, but it makes sense. It appears that she renegotiated the terms of the contract, and you weren't notified. Wouldn't that invalidate your liability?

 

Definitely worth following up on, IMO. With an endless, uncrackable smile and earnest good will. Bring mini Baby Ruths and Snickers bars for the tellers. :smileyhappy: Make it easy for them to back down, especially if their attorneys start clearing their throats.  :smileywink:


I'd show up with coffee and a smile.

 

That close to the finish line (of credit repair); I'd ask for a copy of the 72 month loan application.

 

If all else fails, I'd politely ask who their "contact person was for legal stuff, like documentation" so they feel a lawyer is calling.


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
IOBA
Posts: 2,653
Registered: ‎08-13-2009

Re: Never co-sign a loan. Never, ever ever.

drkaje - +1000

 

I LOVE your answer!   That is pretty much what I would do!   There is a chance that it was originally a 72 month loan and the OP didn't realize it.  I had never heard of 72 month auto loans until I was helping someone out and read their contract.   They appeared "shocked" that it was a 72 month auto loan...but hey, maybe that person wasn't shocked.  Who knows?

Blogger
FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: Never co-sign a loan. Never, ever ever.


drkaje wrote:

haulingthescoreup wrote:

drkaje wrote:
@lithium,
I'd call back and say "I only cosigned for a 60 month loan". If she renegotiated terms or something else you should have been notified, IMO.

OK, I do like this one. Don't know if it will be successful, but it makes sense. It appears that she renegotiated the terms of the contract, and you weren't notified. Wouldn't that invalidate your liability?

 

Definitely worth following up on, IMO. With an endless, uncrackable smile and earnest good will. Bring mini Baby Ruths and Snickers bars for the tellers. :smileyhappy: Make it easy for them to back down, especially if their attorneys start clearing their throats.  :smileywink:


I'd show up with coffee and a smile.

 

That close to the finish line (of credit repair); I'd ask for a copy of the 72 month loan application.

 

If all else fails, I'd politely ask who their "contact person was for legal stuff, like documentation" so they feel a lawyer is calling.


Holy heck, this.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Never co-sign a loan. Never, ever ever.

I hope this all worked out!


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Never co-sign a loan. Never, ever ever.


FrugalRican wrote:

drkaje wrote:

haulingthescoreup wrote:

drkaje wrote:
@lithium,
I'd call back and say "I only cosigned for a 60 month loan". If she renegotiated terms or something else you should have been notified, IMO.

OK, I do like this one. Don't know if it will be successful, but it makes sense. It appears that she renegotiated the terms of the contract, and you weren't notified. Wouldn't that invalidate your liability?

 

Definitely worth following up on, IMO. With an endless, uncrackable smile and earnest good will. Bring mini Baby Ruths and Snickers bars for the tellers. :smileyhappy: Make it easy for them to back down, especially if their attorneys start clearing their throats.  :smileywink:


I'd show up with coffee and a smile.

 

That close to the finish line (of credit repair); I'd ask for a copy of the 72 month loan application.

 

If all else fails, I'd politely ask who their "contact person was for legal stuff, like documentation" so they feel a lawyer is calling.


Holy heck, this.


OMG do this... awesome strategy :smileyhappy:  +500....

 

There is nothing like using fear to get what you want.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Established Contributor
lithium78
Posts: 928
Registered: ‎07-30-2011

Re: Never co-sign a loan. Never, ever ever.

After speaking with my ex again, she says that the credit union gave her the option of extending the auto loan by three months without penalty so she took advantage of that.  It had been a 72 month auto loan, but they extended it to 75 months.  She then missed the very last payment on the schedule by 30 days.  I told her that she could have contacted me if she needed money to make the last payment and she could have paid me back, but she decided to be irresponsible instead.  *sigh*

 

She's trying to get a goodwill adjustment on her end and I'm trying on my end, so maybe we'll be able to get something worked out.  I sent a letter, which I fully expect to be rejected.  When I get a response, I'll try contacting the CU's CEO.  This credit union seems to be very "by the book", so getting a GW adjustment is going to be extremely hard.


Starting Score: TU: 566
Current Score: TU: 736 (Walmart FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+