Cosigner Release

[Anonymous]

Does anyone know where I can find a template to send to my bank to release me from a credit card I cosigned if I pay the balance in full? Thanks!

[haulingthescoreup]

Which bank?

Very few will let one signer off. Chase (I think; maybe it's BofA) will do so, as long as the remaining party can qualify for the card on his/her own, based on credit reports.

Generally you have to close the whole account.

And you're certain that you're a joint owner (your credit was pulled in addition to the other party's back at application time), as opposed to being an authorized user, right?

[Anonymous]

Yes its a credit card for an exboyfriend I consigned for which i totally forgot until they came after my funds. They agreed to remove it from the cedit reporting agencies once I pay the balance in full. Thanks!

[Anonymous]

Just because they verbally agreed to remove it from your credit report doesn't mean that they will. You may want to research the Pay for delete threads to make sure that happens.Just a suggestion to protect you. They will tell you anything, but without the pay for delete agreement in writing before you pay then there is no guarantee that they will honor their word.

[RobertEG]

Why would a creditor do that?  They now have two legal parties responsible for the debt.  Why would they voluntrily want to give that up?

I would suspect that you would have to close the original account, and the principal would then have to open his own.

[IOBA]

I agree - pay it off and close it immediately.   If there is any way to do this in a branch, one visit, do it!  And get a letter or a receipt or some proof that you paid off the account AND closed it!

You also should ask them to note the account that you do NOT want to reopen it under any circumstances.  Sometimes they will reopen an account right after it's been closed.   

Which card/bank is it?