Credit rating-can one black mark really hurt you?
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I have perfect credit except for a default of 1200.00 on a joint account which i co-signed for a few years ago. at the time he was my fiance and he totalled his car and the insurance covered everything but 1200 bucks. i never received a letter about this debt-i discovered it when i pulled my own credit report. recently i have been harrassed by a credit agency that is threatening that i'll never be able to finance anything if i don't pay this money. quite honestly i probably have the cash but the thought of paying for one more penny of my deadbeat ex's debt (i paid off 2000 that was charged on joint credit cards)makes me sick. i think i'd almost prefer bad credit as long as i can still get student loans. does anyone know about student loans and credit? also, when does the 7 years start? from the time of the first missed payment? from the time something is 'charged off'? or the time something is referred to collections?
Credit rating-can one black mark really hurt you?Depending on how long the default happened, that could probably continue to be a problem for a long time for the next several years if you decide to play the waiting game and let the 7 year statue of limitiations for reporting it on your credit expire. But you have to ask yourself, "Is it REALLY worth it?" And when you're talking about trying to rationalize whether to have bad credit and possibly jeopardize your chances at furthering your education, then you might want to think again. You're really left with 2 clear cut options to get this off your back. Either bite the bullet, pay it off and be COMPLETELY done with the debt and your ex, or turn up the heat on your ex to take care of his business and clear that up. He needs to understand that you were down for him enough to co-sign, he needs to be a man and face his obligations no matter if you two are together or not.
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