What all is effected by your credit score?
I am trying to persuade my hubby to take back and sell a car he cosigned for his brother who is not making payments and is paying late. I realize this hurts our credit scores. I know it can effect our car insurance rates, credit card rates, could result in us not being able to get loans in the future. What else? Thank you for your help! ps I know never to cosign and I tried to warn my hubby before he did, so spare me the never cosign advice.
Public Comments
- forget getting a mortgage or refinancing, best thing to do is pay the monthly bill on time, and then break both of his brothers legs. seriously this could destroy you financially for years to come. are you sure it was a cosign deal, and not as a coborrower or borrower, credit report should show a 4 or 5 in the id section if a cosigner 1 or2 shows a joint account. check it out. YES BY ALL MEANS TAKE THE CAR AND CLEAR THE DEBT IF POSSIBLE
- It could even affect your career. Certain job fields use credit to provide insight into your character. A bad credit report can indicate a lack of responsibility, lack of diligence in personal matters, creating distractions in the workplace and negatively affecting performance. HINT: Don't co-sign for anyone. Period
- I think you answered your own question, now is to ask his brother to pay on time or get an auto loan on his own to pay this one off (so your husband's name will not be link with his brother on any credit report). But I believe it is already effecting you and your husband's credit score. Sorry to hear that..
