The Tax Questions Blog

Question: will paying your mortgage on time help your credit if you have a car repo?

Long story short, cosigned for a car loan in 2003 for an ex boyfriend.. He made payments normally up until October of 2007. Currently he hasn't paid April, May, and June's payment. He had 2 payments in May scheduled and only one went through. I haven't seen or heard from him since Sept 2007. I have consumer statements on file w/ the credit bureau and was blessed w/ getting a nice house w/ 100% financing an a good interest rate. Nobody seems to know where this guy is and his own mother that lives out of town won't return my calls.

Answer: Paying timely on the mtg wont help your credit damage done by a repo. Not paying timely and a repo spells doom. As the co signer you have been requested to do what you agreed to do. You have guaranteed the car loan would be paid by you should your less worthy friend default. Apparently you arent going to pay either. If you have a car loan of your own and continue to pay timely payments that will help heal your credit better than the mtg. Remeber, a co signor is a guarantor, not just a contact for the lender. Consumer statements are worthless. You seem like a straight up kind of person. The right thing to do is to pay the payments and then collect from the A-- Hole when you can. His Mom is no better than him or she would have co signed. The apple doesn't fall far from the tree.

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