Ask Terry Questions Credit Scores

Credit Scores

By Terry Savage on June 27, 2019 | Credit/Debt

My credit score was 800 then I co-signed a credit card for my grandson, over the years my score has dropped below 700 due to his missing payments several times a year. Finally I have paid off the card and given him an IOU, but it will be years before my credit score is repaired, Why am I guilty by association? Also, car insurance premiums can increase for all occupants of the same address when one occupant has had an accident. Again, guilt by association. A law needs to fix this.

Terry Says

Your “association” was YOUR RESPONSIBILITY!  When you co-signed, you agreed to be responsible for the payments!  That’s why your score dropped.  Similarly, it is assumed that people in the same household will use the car that is owned by one member of the household.  The simple answer is:  Don’t Associate With People Who Have Bad Credit!  And, for sure, don’t co-sign!



a personal
finance question