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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

Get even more information on credit cards? Read our Credit Card eZine. The section is regularly updated by our specialists. Learn all the financial tricks. Know the pitfalls and hidden bonuses. Find out how to transfer balances and accumulate points. We will tell you about the latest offers on the market.Get your credit card education and make the most out of your plastic.

Ways to Stop Being a Co-Signer

[November 22nd, 2019]

Once you accept a request from your partner, relative or friend with poor credit to become their co-signer on a credit card or personal loan, you make a serious decision. From now on, you bear full responsibility for the money they borrow from the creditor. This means it’s you whom the bank will oblige to pay off the entire debt in case the primary account holder fails to do it.
But if you nevertheless agreed, for sure you will not want to remain in the role of a co-signer forever. Unhealthy financial behavior of your nearest and dearest may negatively affect your own credit score as well since all the information about this account is reflected in your credit reports. And this is just one of the reasons why you may want to remove yourself from co-signers. Here’s what you can do to make it happen:

• Ask the issuer to remove you
The first and easiest thing you can do is to call the bank that issued the account and ask them to drop you as a co-signer. This can work if enough time has passed since the card approval so that its main owner has managed to build a decent credit history and thereby assure the bank that there is no need in a co-signer anymore. Besides, all recent payments should have been made without any delays.

• Ask the holder to cancel the account
If the issuer did not satisfy your request, there is another way out – asking the account holder to close the credit product. For example, they may apply for a balance transfer credit card which will allow transferring the current card debt there. The whole process will take up to 2 weeks. Perhaps this move will even help your friend save money, since credit cards for balance transfer often offer 0% intro APR on the transferred balances. The only snag is that the applicant, again, should have a good credit score to qualify for one.

However, if the co-signed card holder’s credit score is not high enough for balance transfer cards yet, they may consider a personal loan. Just like with a balance transfer card, loan can help get rid of the current card debt at once while paying the loan gradually in equal installments. The difference is that the approved amount will be transferred to the borrower’s account, and they will need to pay off the card on their own. The advantages of this option are that, firstly, loans are deposited very quickly – just 2-3 business days; secondly, their interest rate may be lower than on a credit card; and, thirdly, loans can even provide extra money besides those necessary for the card close.

• Pay off the debt yourself
Yes, this is probably not the answer you were looking for. But sometimes it may happen that both the issuer does not make concessions, and the account holder cannot or does not want to do anything. In this case, there is nothing left but to take control of the situation and deal with the debt yourself so as not to damage your credit history. After that, make sure that the holder closes the account and try to forget about it once and for all.

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