Never co-sign a loan. Never, ever ever.
03-05-2012 04:17 PM
Just minutes ago I got a score watch alert. The auto loan I co-signed for my ex-girlfriend seven years ago went negative. It seems that she missed the very last payment and failed to tell me about it in time. I wish I could go back seven years ago and warn the younger version of me never to co-sign a loan for someone. Especially a girlfriend. I wish I had known back then all the information I know about credit now.
As it stands, my EQ score just plummeted 35 points. I was going to have a clear credit report by the end of the year, but now that is over and done with. My only option for a mortgage is going to be sub-prime and I won't be able to afford the interest. I feel like my dreams have just died.
So, anybody reading this, don't make the mistake I made. Never co-sign for anybody. Never, ever ever.
Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800
Take the FICO Fitness Challenge