BAD Credit?
TQUEEN asked:
2 years ago i opened a bank account in my moms name because i was only 17 but a couple of months after opening the account i went into $700 debt!! :[ i still havent paid it off because iM broke!! i know i have bad credit && i really dont care right now but my question is DOES MY MOM HAVE BAD CREDIT now since she was the co signer????
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2 years ago i opened a bank account in my moms name because i was only 17 but a couple of months after opening the account i went into $700 debt!! :[ i still havent paid it off because iM broke!! i know i have bad credit && i really dont care right now but my question is DOES MY MOM HAVE BAD CREDIT now since she was the co signer????
October 9th, 2009 at 3:46 pm
I believe it’ll effect her credit, I don’t know by how much though. Chrystal
October 11th, 2009 at 11:25 am
Yes - your Mom’s credit will be affected by this. A co-signer means she is legally responsible for the debt if you don’t pay it. Brandie K
October 14th, 2009 at 8:23 pm
If your mother nor you,,,,, have been making the payments on this debt, then YES, your mother’s credit is bad.
( A question is How BAd has this made your mother’s credit…which noone on yahoo! answers can really tell you)
When someone co signs a loan for you, and you don’t pay, the lender (bank) looks to the co signer to pay. If the co signer doesn’t pay, the co signers credit gets BAD because of it.
The Lesson to be Learned: For the REst of your Life, Do not EVER co-sign a loan for ANYONE !!!!! northstar40601
October 16th, 2009 at 7:32 pm
of course it affected her credit because she co-sign GTW
October 16th, 2009 at 8:47 pm
wow ruining your life at 17 and hurting your mom !!!!! Ask M
October 18th, 2009 at 8:36 am
Checking accounts have nothing to do with your credit. Only delinquent loans can damage your credit. Negative checking balances are only reported to Check Systems. This can also be harmful, if you ever plan on opening a checking account elsewhere. JUAN E