I am new and still very confused about all of this. I just turned 23 and don't have much credit, and do have a few bad things unfortunately. I bought a new car almost a year ago, and thought that my boyfriend was co-signing for me. My dad recently told me that he could try to pay it off since i am pregnant and need a bigger car. When I called the bank to get the pay off info I found out that I was lied to by the guy that sold me the car. The bank told me that My credit wasn't good enough to get the loan even with a cosigner and that My boyfriends name is the name on the loan and for some reason I am a cosigner. What does that mean for me? I have been reading around the site and understand that it shows up in my debt to income ratio, and that I am ultimately responsible, which doesn't bother me since I thought the loan was in my name not his. Does this reflect anything positive on my credit at all? Or does co-signing only effect me negatively if It looks like my boyfriend has stopped paying?
Message Edited by CoBenn on 04-29-2008 06:10 AM
