Senior Contributor
drkaje
Posts: 3,491
Registered: ‎07-25-2008
Re: Never co-sign a loan. Never, ever ever.

That bites!

 

I'd keep sending GW letters until they respond with a C&D, LOL!


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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
Re: Never co-sign a loan. Never, ever ever.

lithium78 wrote:

An update on the situation:  The credit union has refused to budge at all.  I guess at this point that I'm going to be stuck with this black mark on my credit.  Currently, this 30 day late is the only bad mark on my credit report, but since it is so recent it hurts pretty badly.  My wife and I want to buy a house soon, so I guess we'll see how it goes.  I would like to wait until after Feb so the late will be a year old and maybe not count as badly against me.


 

A cautionary tale for all.

An ex-girlfriend can hurt your chances even years later.

 

Sorry to hear all of this happened and that the updates haven't been promising.

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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+

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Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
Re: Never co-sign a loan. Never, ever ever.

tonyaether wrote:

I was just about to post  a question on this topic then I saw this post....ahh the dread.  So would anyone co-sign for a spouse?  I have always said absolutely not when approached by my DH on the topic.  However, now I am just confused on whether I am being a bad wife by not doing so.  The thought is now crossing my mind again. 


My wife and I live in California, so we are allowed to apply seperately.  I manage the money and loan apps as I am the OCD one...  but we use both of our credit.  Typically for credit cards we never go joint, just one applies, and makes the other an AU.  For mortgage we used joint because we wanted the income, and both our names.  For the car loans, we used my higher score only.

 

Back when I got my motorcycle, we used her as my cosignor.

 

I guess our stance is keep it seperate unless otherwise necessary.  Mainly because if we ever end up in dire financial straights, we can stop paying on the items on one credit report, without it affecting the other.  Hope it never happens, but it's nice to have a fallback position just in case.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Senior Contributor
drkaje
Posts: 3,491
Registered: ‎07-25-2008
Re: Never co-sign a loan. Never, ever ever.

@ p-,

 

Doesn't your 'fallback position' ingnore California being a community property state?


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Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
Re: Never co-sign a loan. Never, ever ever.

drkaje wrote:

@ p-,

 

Doesn't your 'fallback position' ingnore California being a community property state?


 

Only if the assets purchased can be shown to be of community benefit, or benefitting both of us.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL