I have a co-signer that had no intention of helping me, but wants to improve his credit rating?

Question

My co-signer has no intention of helping me when I needed it, just wanted to improve his own credit rating, what do I do about that?

He is my common-law and I have been keeping up my payments until I got laid off for 3 months and I just recently started back to work. He will not pay his own bills and changed his bank account to evade creditors. Don't tell me how dumb I am to trust because I know. My anger isn't letting me think clearly.

Answer 1

Huh? Co-signing for you doenst help him at all. It helped you, you obviously needed some credit help or you wouldnt need a co-signer. In fact, co-signing for someone else hurts your credit standing, especially if they dont pay their bills on time. What more help did you expect??? Pay your bills and be grateful.

Answer 2

A FOOL AND HIS MONEY IS EASILY DIVIDED: A co-signer that is not capable of helping the person that they co-signed for is foolish. Because this person in financially pressed if the bill is not paid and until the bank takes the property back the person who is living in the property is allowed to keep possession of it.

If you needed a co-signer to make the purchase, you should not of make it. Co-signers are insurance for the lending institution, not the borrower. If I co-signed your house and you missed a payment, I would have all payments made to me directly. 1/4 part each week, or 1/2 part every two weeks. (ALWAYS ON PAYDAY). Failure to make a payment will result in my having your mortgage foreclosed due to my withdrawal from the financial responsibility. MANY PEOPLE DON'T UNDERSTAND, the co-signer is not suppose to pay the bill.

With that being said, If a co-signer wanted to improve their credit, they have gone in the wrong direction by co-signing.

Answer 3

Your co-signer did help you, he signed for a loan?, which ultimately makes him responsible. Yes he may improve his credit rating but he's started you off on getting your own credit history. The worst thing you could do is to not make payments, this would ruin the both of you not to mention a friendship.

Answer 4

The purpose of having a co-signer is not to help you with payments, but for the lending institution or whomever you have a contract with to have a safety net in case you default on your payments. It means they can legally pursue your co-signer for the payments if you default. Once your co-signer has signed the contract, they can't opt out of being legally liable. It doesn't mean that they are obligated to make the payments for you though, just because you run short one month. As the primary name on the contract you are firstly responsible to make all of your own payments. You are not supposed to have to depend on your co-signer. The co-signer is there for the convenience of the lending institution or whomever you have signed a contract with. Not for the convenience of the primary lendee.

Answer 5

co-signing does not help ones credit. it is just an assurance that the company has someone to go after in case you default. if you miss a payment, it ruins his credit. if you need a co-signer, you cant afford it. and co-signing is not about someone paying the bill, its about assuming the risk if you default, and he is taking a big risk by co-sing for you. you should be grateful he/she is willing to to do that.