I co-signed for a friend of mine, and she has not made her payments on the due date. Will this hurt my credit?

Question

My friend has been making her payments 15-20 day's late. Will this hurt my credit?

Answer 1

It depends.

You did not state what the payments are for.

If it's a car or a home the payments are not reported as late until they are 30 days past the due date, so if she is paying before that your credit is not getting hurt, but she is racking up a ton of late charges.

Answer 2

I don't know if the police can help or not. Since you co-signed and the so-called friend has not paid, the payment falls on you. Did this person sign a contract with you saying he or she would make all the payments? Make sure you have proof of all the payments you have made. Returned checks, bank statements, etc. If you have a family friend or relative who is a lawyer, try talking to them for advice. You may need to take this person to small claims court to get your money back. Tricky because you are the co-signer. NEVER co-sign or loan money to friends or family!!!

Answer 3

Looks like your friend is about to become a former friend. She's getting awfully close to that 30 day mark and that will kill your credit.

Since your soon to be former friend isn't responsible enough to make the payment on time, you should just plan on making the payment yourself so you know it will be on time. Have your friend give you the money and don't let her get away with being late.

I hope this isn't too much money. You're about to become a believer in never co-signing for anyone!

Answer 4

Get off of the loan ASAP. Most companies won't report a late payment until you're 30days or more behind but if she's already starting to pay the payment late it's just going to get worse. As a co-signer you are promising to pay if the primary does not. So they can come after you and will if this continues.

Answer 5

It depends on whether the creditor reports those kind of late payments. Many don't report until the account is 30 or 60 days late. BUT anything reported on that account will go on your credit report.

I second the motion: never co-sign anything for anyone.

Answer 6

It will if you're not stepping in and making the payments on time. That's what co-signing means - that YOU guarantee that the payment will be made, on time, every time, if your friend doesn't make it. That means that this will also show up on your credit report.

Answer 7

YES! this is the thing about co-signing. You are vouching for this person's ability to pay. Co-signing usually occurs when an individual's credit is not good enough on its own for the desired purchase. You are putting up your own credit as collateral. Your friend is not being very considerate of your good will.

Answer 8

It most certainly will.

Might I suggest that you make a payment to get her payments early. That should improve the credit problem.

Answer 9

yep....live and learn...this is one of the worst mistakes anyone can make, and if you don't make the payments that are late, it will f*uck your credit just as if it were hers, because by cosigning, you garaunteed she would make the payments on time or that you would step up and do it if she didn't.....like my grandpa always said...if you're going to be stupid, you'd better be tough.....or have the money stuck back to make her payments, as the case may be....

Answer 10

Don't trust your best friend, they always the one stab behind your back if he/she don't like you. YEs... it gonna hurts your credit, because is late. Will show on your credit report. Talk to her.