Any way to boost credit after cosigning on a defaulted loan?

[marmar]

Lynn, Cynic, anyone?

 

Need your help. Credit was mid 700, then cosigned a student loan and just found out that the person defaulted, is there anything I can do to get my credit back up?

I did search the forum, but didn't find anything

 

thanks so much for your help.

[ziggypop]

Lynn, Cynic, anyone?

 

Need your help. Credit was mid 700, then cosigned a student loan and just found out that the person defaulted, is there anything I can do to get my credit back up?

I did search the forum, but didn't find anything

 

thanks so much for your help.

 

Unfortunately, no. Since this was a co-signature situation, that means it was a private loan, so no rehab options are available. The only things you can do would be to a) see if the person can get another loan without you on it (doubtful if they've got a default on their CR) or start making the payments yourself to at least start rebuilding a positive status as of now. Is this a temporary situation (i.e., they got sick or something and just weren't able to handle the payments during that situation, which will end soon) or is this something more permanent (i.e., they flaked on the loan and just didn't pay)? If it's the former, then you're more likely to at least see an end to this.

 

I'm sorry this is happening to you! Good luck!!

[LynnInMN]

Unfortunately with a default, the only way to boost credit is to get it paid off as quickly as possible. Paying on a default will not help your score, as it remains a default until you are paid in full.