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SusanMB
Posts: 1
Registered: ‎02-04-2010

Co-signer denied

I am trying to co-sign for a Sallie Mae Student loan for my daughter. I was denied due to delinquencies on my credit report. After checking these, I determined that one was an old Credit Bureau collection account that was not paid. My fault but it is coming off in 10/2010.

 

One is from an old cell phone my son used when in the Marines. It was not paid. It also comes off this year. My account, he was listed on it.

 

The last one is a car loan that was paid off by insurance after the car was totalled. The payment took some time to process after adjusters and paperwork.I am disputing this right now.

 

 

 

My question is this: What else can I do or how much more do I need to remove to qualify as a co-signer? The rest of my credit report is excellent. I own my home.

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Community Leader
Established Contributor
SCF
Posts: 949
Registered: ‎06-09-2008

Re: Co-signer denied

Hi Susan,

 

Did you pull all three of your reports?  There may be additional issues/errors that do not appear on all of your reports.  Also, can you give us an idea of your overall credit profile?  What credit card and installment loan accounts are reporting?  Are they open or closed?  What are their balances?  Do they have any lates?

 

Also, how much was the student loan for?

 

You could use the Score Estimator on this site, or pay for a score to get an idea of what the lender saw when they pulled your report.

 

With some more details, people should be able to help you figure out what the problem is.

Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009

Re: Co-signer denied


SusanMB wrote:

I am trying to co-sign for a Sallie Mae Student loan for my daughter. I was denied due to delinquencies on my credit report. After checking these, I determined that one was an old Credit Bureau collection account that was not paid. My fault but it is coming off in 10/2010.

 

One is from an old cell phone my son used when in the Marines. It was not paid. It also comes off this year. My account, he was listed on it.

 

The last one is a car loan that was paid off by insurance after the car was totalled. The payment took some time to process after adjusters and paperwork.I am disputing this right now.

 

My question is this: What else can I do or how much more do I need to remove to qualify as a co-signer? The rest of my credit report is excellent. I own my home.


Hi Susan, and welcome to the forums.

 

I understand your frustration. We only have one out of five left to get through college...but we sure want to be able to help her if we are able.

 

First, I would encourage you to do some reading and research in these forums, especially the Rebuilding Your Credit forum. I know your bad items are due to fall off soon, but I don't  know how time-sensitive this loan is for you and your daughter. For the one that is paid, it may be worth it to write them a goodwill (GW) letter. That asks them...and you are asking them a favor...to take this off your reports early. Take responsibility, and tell them how it is negatively impacting you and your daughter and her education.

 

For the one that is not paid, you could pursue a pay for delete (PFD). This is where you would offer, in writing, to pay them ONLY if they agree to remove the item from your credit reports.

 

For the car loan, I see that you are disputing. Let us know if that resolves.

 

I noticed that you say you own your own home. I don't know what your FICO scores are, but do you think there is any possibility that you might qualify for a home equity loan or line of credit? This may be unlikely, but I don't know your mortgage or income situation, so it might we worth a phone call.

 

Again...do some reading and research. This stuff takes time and persistence...but our kids are worth it.


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