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How is this fair?

I just really feel bad about this. A few months ago I needed a different vehicle. I had a nice down payment plus my vehicle as a trade but because of my divorce (and my ex sticking me with his bills after), my credit is absolutely ruined. I needed a co-signer. I didn't ask my SO to, he offered. We talked about it and I assured him that I could make the payments and that it wouldn't be a problem.

I have the car and absolutely love it. I've been making the payments and will continue to do so.

I thought this would help his credit as well. We found out otherwise today. He applied to get pre-approved for a home loan and was told that him co-signing for my car actually is hurting him.

 
tempsingl3mom

Asked by tempsingl3mom at 12:36 AM on Jul. 16, 2013 in Money & Work

Level 26 (27,595 Credits)
This question is closed.
Answers (5)
  • I would look at it for the long run. How long will it take you to pay off the loan?
    Not always, but it can take 3 months before they will reevaluate his credit, unless they give him the suggestion on how to improve his credit.
    Can you get a loan from your parents to pay off this loan (without him involved)?
    I would hate for you to get a less reliable car because of this.

    Will you be getting the loan together or will he be getting the house strictly in his name?
    Dardenella

    Answer by Dardenella at 1:06 AM on Jul. 16, 2013

  • It is temporarily because they have to look at his credit standing from the worst possible ligt. This means all his bills, including the possibility of him having to make your car payment.That is what cosigning means, he is guaranteeing that the loan will be repaid. In the long run I will help him but not now.
    Dardenella

    Answer by Dardenella at 12:44 AM on Jul. 16, 2013

  • Banks & insurance companies haven't played "fair" for years! I agree with Dardenella - GL
    mrsmom110

    Answer by mrsmom110 at 8:35 AM on Jul. 16, 2013

  • Will it help if I sell this car and then just buy something cheap so I don't need a loan or a co-signer?
    Is there anything I can do to help him? I really want us to be able to get a house together.
    tempsingl3mom

    Comment by tempsingl3mom (original poster) at 12:49 AM on Jul. 16, 2013

  • He is guaranteeing the loan, so they have to count that as possible debt for him. Is it possible that your credit has gone up enough that you can refinance the car now without him cosigning?
    missanc

    Answer by missanc at 12:46 PM on Jul. 16, 2013

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