Can I do anything about derogatory credit marks on my report that are a result of being listed as an co-signer on another person’s credit card that has defaulted a few times?

In short, no. If you agreed to be a co-signer to another person's credit card and they begin defaulting on payments, these derogatory credit marks will show up on both the primary cardholder's credit file as well as yours. Both of your credit scores will be negatively impacted by the cardholder's delinquent actions, and you will not be able to remove these past defaults from your record.

As a co-signer, you contractually agreed to pay off the account if the cardholder does not, and thus any actions reported on the account will affect you as if you defaulted on the payments yourself. Technically, as a co-signer, you will be obligated to the account until it is paid in full or the primary applicant refinances without you as a co-signer. If you're going to sign on the dotted line, you should be sure you are ready to pay.

Back to All Credit Q&A