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tojusco

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How do I improve my credit someone else has damaged due to co-signing
I hope to get a home loan sometime this year but am worried a car loan I helped my nephew get, ( I was supposed to be co-signer, but ended up being the main one on the loan) that he has been late on several times, will prevent me from doing this. My credit score went from (at the time of that loan) a768 to a 576. Any suggestions on how to fix/build this score back up. THANK YOU

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The Danger of Co-signing.

I hope the car is paid in full now because the co-signed loan will only vanish 7 years after the date of final payment.  Informing potential lendor of the reason for the negative on your report may help, but it's going to depend on their standards.  If they won't accept it, keep saving money towards a down payment, annually check all three credit reports (covered very well on this site.  See the Articles) and make sure all other bills are paid on time. 

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