Bad Credit?
My dad co-signed for my sister on her house... she was 60 days late paying and MY DADS credit dropped 250 points. Is that really bad? My dad was trying to get a bridge loan so we could move while our other house is on the market... will we still be able to do that? how long will it take for my dad to fix his credit? PLEASE HELP!!!!!
Public Comments
- you wont like the answer and it wont be voted as your favorite because i dont feel like typing that much right now, but a co-signer is on the hook just as much as your sister.....once you start passing 60 days, things get bad...albeit 250 points seems a bit extreme....but then again I dont know the FICO algorithim
- Have your dad contact the creditor, explain the situation. Let them know that he is trying to buy another home and the derogatory information is effecting a major purchase. Sounds corny, but everyone that answers the line at a collections agency or late pay department has a heart of stone. Some are real people and they have feelings just like everyone else. Tap into their emotions and accomplish your goal. If the account is current, ask them to delete as a one time courtesy. If this is not the first time the payment was late, they may not, But it is worth a shot. Hope this helps. As a side note, I have clients that this has worked for. It may work for your dad as well.
- It may take a while for him to gain that back. I agree with cpaige517. Just out of curiosity, did your dad get the loan through his bank? I he did he may be able to go in and talk with someone directly. Like a manager or something.
- Normally these loans are more expensive than those offered to borrowers with good credit. The interest rates are higher because the lender bears higher risk. Adverse credit loans have more stringent repayment criteria than normal loans. Skip one payment on a bad credit loan and your rate will rise and you may even have to face a foreclosure.
- That is a horrible drop; your sister really screwed him bad. People can work for years trying to get their credit from 500 to over 700. Now to the solutions; as far as how long it takes, it usually corresponds to how much you are willing to pay. You could try it yourself and most likely fail over the course of a couple years or try some other alternatives ranging from $20 to $125 to $599 to $2500. Bottom line, there are tons of programs out there to help. Check out the free evaluation form at the source website. Maybe they can help. Good luck.
- I feel sorry for your dad, I know he was trying to help your sis but u should never co-singe for anyone, because this could happened. and it will take along time for his score to go up..
* Some answers may have been provided by Yahoo! Answers.