how long do we have bad credit for? Is it 7 years and then its taken off your record? He wants to make monthly payments but the problem is the credit card co wants it in my husbands name and we don't want to be responsible. He had a serous drug problem and has been clean since he made the stupid mistake.
2006-12-29 09:00:53 · 6 answers · asked by Annie 2 in Business & Finance ➔ Personal Finance
Don't co sign for anyone, if you co-sign you ARE responsible for the payments if the other person doesn't make them. Your question is a little confusing, things can stay on your credit report for up to 7 years or more depending on what you were late on and what company turned you in to the credit bureau. Doctor bills are really bad and so is being late on mortgage payments. Just don't co-sign that's the best advice for this I think.
2006-12-29 09:16:55 · answer #1 · answered by imalwysrite 4 · 0⤊ 0⤋
The credit score will continue to lower if he doesn't start making payments. It doesn't stay bad for a certain amount of years, it will either go downhill or the points will slowly start to go up and the credit will start to look better (eventually).
2006-12-29 17:11:21 · answer #2 · answered by lyndsie 3 · 0⤊ 0⤋
If you agree to let someone borrow money and promise that you'll pay it back if that person doesn't, the chances are that you WILL have to pay it back.
Co-signing loans should be reserved for people you trust beyond any doubt, and who you know will pay their debts.
Sounds like you folks are about to get in a world of hurt.
2006-12-29 17:05:26 · answer #3 · answered by Stuart 7 · 0⤊ 0⤋
Who is "he"? I'm confused...if 'he' is not your husband, who is it?
Don't co-sign if you don't trust the preson. Simple as that.
If "he" can't afford it now, he doesn't need it.
2006-12-29 17:03:13 · answer #4 · answered by FaZizzle 7 · 0⤊ 0⤋
I bet he was on the crack, That stuff will ruin ya, Stay away from the crack.....
2006-12-29 17:10:01 · answer #5 · answered by I H8 YOU 2 · 0⤊ 0⤋
NEVER CHARGE ANYTHING
THEN YOU WILL HAVE NO PROBLEM
2006-12-29 17:11:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋