Posted by RR on February 26, 2002 at 20:29:39:
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Credit question. is there a solution for this.? - Posted by RR
Posted by RR on February 26, 2002 at 19:03:31:
Well I Have a question that is not related directed to RE,
but anyways, let me ask this.
About 5 years ago I COSIGNED A NOTE FOR A PARTNER in bussiness it was actually a comercial truck financing,we were partners for 4 months only and he he kept the truck and paid me the money we invested iniatially and he kept using the truck and making payments even tought i had on my name , a couple weeks ago I called one my credit cards companies to have my limit increaseDand for my surprise I WAS turned down , back in september my score fico was 740, so I 'VE REQUESTED A COPY OF MY CREDIT and realized that my ex\partner was late 60 days already and I CALLED him right away , and he forgot that I WAS THE COSigner and didnt have the money to pay for that right now, I’ve called the president of his company to find out if he could pay becausde my ex partner sold the truck to him back in november-december , I called first union and they said that if they dont get the money in the next few days a repossesion order will be submitted, well they will get the money because the president of this company will pay .
IS THERE A LETTER OF CONSIDERATION THAT I CAN TO THE LENDER OR CREDIT AGENCY? I NEED TO SAVE MY CREDIT!!!
IS THERE SUCH THING?
CONSTRUCTIVE IDEAS(CRITICISM) WILL BE WELCOME!!!
THANKS
- Posted by RRRe: Credit question. - Posted by BGR-WA
Posted by BGR-WA on February 26, 2002 at 23:50:43:
I wouldn’t send them a letter explaining the situation. This only admits that you were wrong. the delinquecy will stay on your credit report for 7 years. Also, the moment the debit gets paid off the company has nothing to gain by taking the blemish off of your credit report. Instead, call the company you owe the money too and tell them you will bring the debt current if they will agree to take the blemish off of your report in writing. This will usually work as their numner one concern is to get their money not worry about your credit.
Hope this helps. Also, reputable credit repair companies do work. I’ve had 3 late payments deleted from my report in the last three months.
Brian
Re: Credit question. - Posted by RC
Posted by RC on February 26, 2002 at 21:53:45:
The only thing you can do is to submit a letter of explaination to the credit bureaus and follow up - if the Pres. of the company is going to pay it up then your FICO wont be as damaged any longer but there will be some points deducted for late payment. If the letter of explaination is effective it can negate the late pays. In your situation I think, unfortunately, the best you can hope for is that it is brought to current/paid status. A lesson learned. Good luck.
Re: Credit question - Posted by garrison
Posted by garrison on February 26, 2002 at 19:41:05:
by cosigning you agreed to have your credit attached to the automobile. your partner probably needed a cosigner because of his inability to pay and you were agreeing that if he didnt pay, you would.
best of luck
garrison
Re: Credit question. - Posted by Lor
Posted by Lor on February 26, 2002 at 21:59:43:
Yes, follow RR’s advice. Send a letter of explaination to all three credit bureaus and ask that it be included in your file. It won’t change your credit score but it help if you try to apply for credit in the future.