Explaining late payment

[Anonymous]

Hey,

I wanted to run this by and see what people thought was best way to go about this.

Im currently applying for a loan, and the lendor sent me a couple items on my credit report that they wanted to know an explanation for late payments.

The problem is these are accounts that my parents handle. I'm sure I can't just say to them these are accounts that i've cosigned on and that person made those late payments. What do you guys suggests is best way to handle this ?

[youdontkillmoney]

Speak the turth you were the co-signer only

[Chris123nTx]

Problem is that if you are a co-signer on a loan you are still 100% liable for it should they default, and are looking at late payments also being put on you. Not much you can do about it but be honest and hope for the best. If you could get them to refi whatever the loans on their own you would be much better off, but I realize that this is not always an option. The other thing that you can do is to monitor the loan every month to be sure it is being paid, and if it is going to be late again, you pay it, then collect the money from them. Doesn't help for the lates, but it will be sure that you wont run into it again. Oh and you are talking co-signed right? as opposed to an authorized user like on a credit card? Good luck with it.

[Anonymous]

Yea co signed.

Thanks for replying. Hopefully lendor wil be understanding.

[randeman]

You might have a better time of it depending on how late the payment(s) was/were.  Either way, it's true that it's going to reflect badly on you even though you were only the co-signer.  Highly recommend you watch the loan every month and make a payment yourself if you have to.