Co-Signer for Car/Bad Credit?
My aunt who co-signed for my car at the time got "dinged" on her credit because i was late several times on making the car payments. However the car is completely paid off now by me and she told me to call the car company or the credit bureau to have her name removed so it will fix her credit since she was just the co-signer. Is this at all possible? To have her name removed so she won't get the "pts" on her credit score?
Public Comments
- She should send a letter to the three credit reporting services explaining the situation. It will help whenever she applies for credit or financing.
- No it is not possible. When she co-signed she agreed to take responsibility for the debt. This includes any positive as well as the negative information about the loan. If the information is valid the only thing that will take care of this is time. As the late payments become less recent, they have less of an effect on the credit score.
- Auto finance is what I do for a living and this is simply not possible. Co-signers are just as responsible for the payment of the loan as the primary signer and any late payments will hurt both equally. As long as the information is correct there is no way to remove it. That's why it's called credit history.
- Not a chance....as a co-signer she was suppose to pay to avoid late charges (that's the whole point of being a co-signer: to make sure the car is paid, in full and ON TIME). All she can do is wait about 7 or 10 years to have her credit back. Don't expect any birthday presents from her any time soon.
- Nope. That is why you never co-sign for a loan...it never makes things better....it can only make things worse (for the cosigner).
