Established Contributor
lithium78
Posts: 930
Registered: ‎07-30-2011
Never co-sign a loan. Never, ever ever.

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

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