John from Riverside Posted July 29, 2005 Share Posted July 29, 2005 Got a call back from Citibank today...... Basically my credit is pretty good.....high 600s across the board on my FICO BUT I have a little niece (who I absolutely cannot stand) who about a year ago somehow got my wife to co sign so she could get phones through Singular Wireless......I didnt even know about it till about 5 months ago I found out when a collections lawyer calls the house and said that my niece (and since she was responding WE because my wife cosigned) owed something like $1000 to singular because the niece didnt pay the bill..... Oh was I pissed.....basically....the lawyer was saying that it would hurt my credit and we would have to court if we didn't pay....and then offered us a deal where we only had to pay a portion of it and they woud wipe it off the books... Sooooo......what does the refinance guy tell me today....that they ran our credit jointly and I have a *&& COLLECTION on my wifes credit. Is there anything I can do....rather then get my shotgun and make one less family member? Link to comment Share on other sites More sharing options...
Alaska Darin Posted July 29, 2005 Share Posted July 29, 2005 Call Cingular. They can help you get it removed. You'll likely have to write some letters. Link to comment Share on other sites More sharing options...
R. Rich Posted July 29, 2005 Share Posted July 29, 2005 Call Cingular. They can help you get it removed. You'll likely have to write some letters. 393699[/snapback] ...or you could get out that trusty shotgun. BTW, where does the road to refi lead to? Link to comment Share on other sites More sharing options...
shoveldog Posted July 29, 2005 Share Posted July 29, 2005 Being a credit counselor by trade, I'll be happy to field this one for you. Pursuant to the Fair Credit Reporting Act, technically, your wife did co-sign the debt so the collection lawyer was justified in pursuing repayment from your wife. Cingular also had the right to report the debt as in ** collections ** status. However, cellphone companies deal with this all the time. If you and your wife paid or settled the bill immediately upon first contact by the collections department or collection agency, they will most likely remove the trade line (the collection reporting) from her report. None of this should hold you back from a refinance. Credit scores still rule when it comes to credit decisions. All you will likely need to do is write a letter to the mortgage company telling them why the collection item showed up on your wifes credit and provide proof that it was paid or settled. Basically, your credit score will dictate the price of the loan (interest rate.) They just want to make sure that all collection items are no longer hanging over your head. Your wife should also dispute the collection item with the credit reporting agency that reported it. She can dispute the reporting status by stating it was her neice's debt. Most cellphone and or collection agencies will not argue removal of the negative item if it's paid. Hope that helps... Shovel Link to comment Share on other sites More sharing options...
Blue Chipper Posted July 29, 2005 Share Posted July 29, 2005 I am a Finance Mgr at a local car dealership and deal with credit reports on a daily basis. Shoveldog is correct in saying that cingular had a right to place the account in collection status. Most people dont realize that even as a co-signer you are responsible for the debt as if it was your own. I would contact cingular and here are phone numbers for two of the major credit reporting agencies: equifax- 1800-685-1111 exprian- 1888-397-3742 Hope this helps ya! Link to comment Share on other sites More sharing options...
John from Riverside Posted July 29, 2005 Author Share Posted July 29, 2005 ...or you could get out that trusty shotgun. BTW, where does the road to refi lead to? 393706[/snapback] Yeah the shotgun right now feels like a real option...... I am doing a refi because I have been doing my research and finding out a. My loan is too expensive for me month to month b. They didn't explain everything to me the way it was actually going to work (I am in a SMARTLOAN progam).... c. I am paying 8.5 percent interest when I could be paying 5.875 d. I have been reading up on primerica and citicorop and these people are just not straightshooters...... We have gotten ripped off on both our mortgage and our life insurance.....the life insurance thing is best left for another day..... Link to comment Share on other sites More sharing options...
erynthered Posted July 29, 2005 Share Posted July 29, 2005 I am a Finance Mgr at a local car dealership and deal with credit reports on a daily basis. Shoveldog is correct in saying that cingular had a right to place the account in collection status. Most people dont realize that even as a co-signer you are responsible for the debt as if it was your own. I would contact cingular and here are phone numbers for two of the major credit reporting agencies: equifax- 1800-685-1111 exprian- 1888-397-3742 Hope this helps ya! 393732[/snapback] NA, dont listen to you, you know nothing. BTW, welcome aboard Link to comment Share on other sites More sharing options...
dundy249 Posted July 30, 2005 Share Posted July 30, 2005 Yeah the shotgun right now feels like a real option...... I am doing a refi because I have been doing my research and finding out a. My loan is too expensive for me month to month b. They didn't explain everything to me the way it was actually going to work (I am in a SMARTLOAN progam).... c. I am paying 8.5 percent interest when I could be paying 5.875 d. I have been reading up on primerica and citicorop and these people are just not straightshooters...... We have gotten ripped off on both our mortgage and our life insurance.....the life insurance thing is best left for another day..... 393789[/snapback] Thats why you go with Bank of America. We are refinancing our existing cutomers at 5.875 today with 0 cost Link to comment Share on other sites More sharing options...
IDBillzFan Posted July 30, 2005 Share Posted July 30, 2005 Never. Co-sign. Ever. For anyone. Ever. Link to comment Share on other sites More sharing options...
ExWNYer Posted July 30, 2005 Share Posted July 30, 2005 Never. Co-sign. Ever. For anyone. Ever. 393861[/snapback] Right you are. But that's cosine...never much liked math myself, either. I'm more of an English/History kinda guy. Link to comment Share on other sites More sharing options...
K-No Posted July 30, 2005 Share Posted July 30, 2005 Is there anything I can do....rather then get my shotgun and make one less family member? 393689[/snapback] No, there is no other option. This is what you must do.. Link to comment Share on other sites More sharing options...
Just Jack Posted July 30, 2005 Share Posted July 30, 2005 Isn't Citibank a part of Citicorp? Link to comment Share on other sites More sharing options...
Fan in San Diego Posted July 30, 2005 Share Posted July 30, 2005 Right you are. But that's cosine...never much liked math myself, either. I'm more of an English/History kinda guy. 393864[/snapback] This is correct. Never ever co-sign for anyone. Even your son or daughter. Link to comment Share on other sites More sharing options...
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