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Co-Signer On closed student loan.. Need Help!

Established Member

Co-Signer On closed student loan.. Need Help!

Hello Everyone.. I co-signed for a loan back in 03.

The loan was closed in 2103.. Payments were made but it was still being reported as failure to pay.

The loan has since been paid off last month. Will the late payments continue to hurt me when I apply for credit?

If so is there a way to get the late payments deleted? It's a private student loan through firstmark.

Any advice will help. Thank you all in advance

Message 1 of 6
5 REPLIES
Senior Contributor

Re: Co-Signer On closed student loan.. Need Help!

Yes, they will hurt you, and unlike most things on your credit, student loans will usually be reported longer than 10 years. IIstill have private loans from 2000 showing on my report.  You should reach out to them to fix it. If they don't, file disputes. If that doesn't work, file a complaint. If that doesn't work, file a lawsuit.






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Message 2 of 6
Established Member

Re: Co-Signer On closed student loan.. Need Help!

Thank you for responding.. I am going to try and contact them now to see what my options are..

Hopefully they will remove the lates.. It shows that the closed account is due to fall of my credit report in 2020

But that seems so far away.. LOL especially when most of my credit denials are due to late payments etc..

Message 3 of 6
Frequent Contributor

Re: Co-Signer On closed student loan.. Need Help!

I'm guessing they were closed in 2013? No, they don't have to remove the lates. They will fall off in due time, but they are not obligated to stop reporting it just because it's a closed account. Now since it was just paid off last month there is a chance that they might....but unlikely. Yes it will affect you applying for credit, depending on the severity of the lates. If you're sure all the lates are accurate, I would attempt to write Goodwill letters. But honestly in a year it will right itself so it may not even be worth it.
Another thing to think about is if this is your only loan on your account, when it falls off you will miss out on points for credit mix.
Hope this helps.



Message 4 of 6
Established Contributor

Re: Co-Signer On closed student loan.. Need Help!


@Madyun1982 wrote:

Thank you for responding.. I am going to try and contact them now to see what my options are..

Hopefully they will remove the lates.. It shows that the closed account is due to fall of my credit report in 2020

But that seems so far away.. LOL especially when most of my credit denials are due to late payments etc..


Please let us know your results.  I too co-signed on a SL for a family member and although there has never been over 30 days, there are still 10 years left to pay on this loan.  I have an alert sent to my phone as well as email alerts when the montly payment is past due.  I've already made 2 payments in the last 10 years to avoid a 30 day hit.  If I had a chance to do it all over again....................  

Message 5 of 6
Frequent Contributor

Re: Co-Signer On closed student loan.. Need Help!

The reasons they give you when you are denied credit are basically the negative items on your credit report. It is not necessarily why you were denied credit. Unless you have some major lates such as 90 days out more - and even then unlikely - that is not the reason it at least the some reason you are being denied credit. The effects of 30 and 60 day lates are pretty much gone by now.
If you give more information someone could probably tell you what other area of your profile is holding you back.
You can also ask for early exclusions as soon as 6 months early, so you really don't have that long to wait before you can get this removed.



Message 6 of 6