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Posted in Auto Loans
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Question By
kmbl55

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on a joint loan why your credit score drop when the person you co.sign for,
on a joint car long why would your credit score drop when the person you co sign for stop paying.

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Sorry but this is funny to me. 

Seems like you are not aware on how Co-Signing for someone else works. 

You need to READ the Documents you Signed,   YOU ARE The one on the Hook for the Loan when the other Person does not make the payments,  are Late on payments  etc.  

When You Co-Singed the Loan you Guaranteed the Loan.  You Told them You Trust that this person will make the Payments and if they Don't you would be more then happy to make them. You Need to READ the fine print.

Who every you Co-Siged for needs to get their act together,  And you need to Set them straight on what they need to do. 
 

The Ding is already on your Credit Report,  will take a act of God to get it off. 

Damage is done.  

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kmbl55

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Enter Your Reply  why did my credit score drop from 800 to 660.

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Since the original borrower quit paying on this loan that you co-signed, you are now obligated to make the payments and that increases your debt load. And, if you have not caught up the missing payments, that effects your payment history which will lower your score.  That is why it's a bad idea to cosign for anyone.  If they need a co-signer, they are considered too much of a risk to loan money to.

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