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Credit score queston
Posted on 2/7/16 at 7:40 pm
Posted on 2/7/16 at 7:40 pm
My score took a hit not long ago when my son was late paying his truck note(which I co-signed on). Dropped from 777 to 752. He will have the truck paid off in a few months. What options do I have on getting my score back up. I'm really good financially so I can probably make most anything happen. TIA
4
Posted on 2/7/16 at 8:04 pm to JBM210
No options. The score will slowly rise back up as the missed payment gets older. Not much of a difference between those two scores in lenders eyes
Posted on 2/7/16 at 11:49 pm to JBM210
777 & 752 are essentially the same thing. Anything north of 720 is considered excellent. No worries.
Posted on 2/8/16 at 9:10 am to bubbz
740 is typically the cutoff spot. Anything above that is for conversation at cocktail parties.
Posted on 2/8/16 at 12:34 pm to JBM210
quote:
when my son was late paying his truck note
Call the lender and explain the situation and the may remove it. I know people who have done this.
Posted on 2/8/16 at 3:50 pm to JBM210
quote:
Dropped from 777 to 752.
Worked as a loan officer prior to my current role and I would pull 3 different reports and all were 10-20 points different. Your score will go back up. I'd be worried if it dropped 100 points, not so much 25.
Posted on 2/8/16 at 8:24 pm to Mootsman
quote:
Call the lender and explain the situation and the may remove it. I know people who have done this.
I wouldn't do this. The son needs to learn a lesson to pay his obligations on time.
Posted on 2/9/16 at 3:57 am to VABuckeye
quote:
The son needs to learn a lesson to pay his obligations on time.
So if I understand you correctly, you think dad, the cosignor's credit should take a hit in order to teach his kid a lesson?
Posted on 2/9/16 at 4:56 am to VABuckeye
quote:I bet his son just feels terrible that his laziness cost his dad a 5% drop in his credit score. Huge life lesson for him. He will probably carry this shame to his grave.
The son needs to learn a lesson to pay his obligations on time.
Posted on 2/9/16 at 7:45 am to Solicitor
quote:
So if I understand you correctly, you think dad, the cosignor's credit should take a hit in order to teach his kid a lesson?
They're both obligated for the loan. If one doesn't make the payment they both take the hit. That's how the system works so yes I am firmly against dad trying to get the late payments removed which would probably also remove them from the sons credit report. Co-signing has risks and if the risk isn't acceptable then don't co-sign for the loan.
I co-signed a car loan for my daughter and I made damned sure that each and every payment was made on time so it didn't impact my credit.
This post was edited on 2/9/16 at 7:47 am
Posted on 2/9/16 at 8:21 am to VABuckeye
quote:
I co-signed a car loan for my daughter and I made damned sure that each and every payment was made on time so it didn't impact my credit.
aka you set it on auto draft
This post was edited on 2/9/16 at 8:22 am
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