68 People Helped
Member Since: September 2013
Shop around for the best interest rate since your score will likely require a higher rate.
bghoss's response was:
If you already have both cards and are merely transferring balances, it shouldn't affect it. If you close a credit card however you will affect age of credit history and utilization which will impact your score.
Read all the credit tips posted on this site. If you want or desire specifics you need to tell us more about your situation, no one can see it.
Since you co-signed you are legally responsible until the loan is paid off. The only way you can erase him is get him to refinance it his own name. But since he is deliquent that isnt likely a possibility. Cases like yours is why you will so often here the mantra....never co-sign for anyone.
All you can do is make the payments yourself or suffer the credit ding along with him.
Good luck to you
Dispiute all wrong information with the three credit bureaus. They have thirty days to either verify or remove the item in question. If it is removed you should see changes in your score within a few months. You can dispute directly on the credit agencies websites.
Certain items affect your score more than others, as an example, derogatory items are very significant and would affect your score far more than a late payment. So how much your score will be affected will depend greatly on what type of items you can get rempoved.
Hope this helps, good luck.
Dispute it with all three credit agencies. You can do so on their webites.
If it was just added it could cause a big drop for sure. A collection agency may have taken on an old debt of yours which might explain why you dont recognize the name. Get a free copy of your credit report from all three bureaus and see what it is, dispute any and all things that appear to be in error.
Since they sold the account recently you may here from the collection agency. Generally you will have a very short period of time to deal with them before they post it to your reports. If they do, your credit will suffer.
I would not suggest you take offers on the site. You may get declined and hurt your score. This site is sponsored by advertisers of credit cards and they do not truly know your situation. Read threads about it here and you will see many posts from upset people who went with suggested or recommended offers here.