Credit limit decrease

[Anonymous]

GHelp!!! 3 years ago, I co-signed on a car for my daughter (stupid me). I had 100% on time payments and then my daughter stopped paying and my credit score has dropped over 100 points. Now all of my credit card companies have decreased my credit limit. Amex, Discover, even Sam's Club. Is there anything I can do? I'm sick about this.

[TiggerDat]

Your options are limited,  Some may increase it back if you call.

You might have to pay the loan off in exchange to have it removed from your report.

I personally don't take responsibility for my family and their actions, I do however protect my interests even if I have done something like co-sign on a loan for them.  Of course I won't co-sign, but I might loan them a card I have and monitor it so that I know what is up.  If I loan a card to a family member I set limits on what they can spend, even if it means I tell them the limit is 1/10th of what it truly is.

[sjt]

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@Anonymous wrote:

GHelp!!! 3 years ago, I co-signed on a car for my daughter (stupid me). I had 100% on time payments and then my daughter stopped paying and my credit score has dropped over 100 points. Now all of my credit card companies have decreased my credit limit. Amex, Discover, even Sam's Club. Is there anything I can do? I'm sick about this.

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What is the status of your daughters account. Is it paid or current? 

I would contact each of the credit card companies and ask for reconsideration and explain it was your daughter's account. If its current or paid then that would be in your favor.

[Creditplz]

Reasons I decline to co sign for anyone other then DW... (my baby is in the oven) so I got time till she comes out to ruin my Credit .

Also I do what tigger does, on my NFCU I lent my mom due to the fact she only had MC and no Visa for Costco I put the limit at $700 told her to PIF, till I closed it

[Anonymous]

Ugh she stopped paying in October. I'm pretty sure they will take the car. I currently have two car payments of my own so I couldn't afford to pay her note. I paid a few and didn't let her know but i couldn't pay anymore. It was almost $600 note.

[Anonymous]

Don't think there's much you can do other than paying off the loan and hoping your credit can rebound.

[Anonymous]

So sorry to hear. I would first work on trying to get her payments straigtned out so they don't take the car and you have a repo on your credit. This really sucks, I know from experience with my 23yr old daughter...but I just couldn't tell her no...now I have to work through it making sure she makes all of her payments on time. Luckily I caught it before it wnet 30 days late. Good luck to you...

[AverageJoesCredit]

This unfortunately is why its best not to cosign for someone because no matter how much said person gaurentees they'll make the payments, when you're not 100% responsible for an account, there is nothing holding said person from upholding their responsibilty. Sorry to hear OP, best advice was and is perhaps is to call your ceditors to explain your situation. Hope it works out for you

[Aduke1122]

Op I would try to get control over that loan asap whether it be to try to sell it for pay off or whatever bc once they repo it , your lenders may completely close out your accts with a repo on your history that is new

[CreditInspired]

And, Gforbid, daughter is still driving the car. If yes, take possession of it immediately and like everyone else said, first call lender who auto is with, then call all your other creditors and explain. Good luck.