First, thanks in advance for any replies. I appreciate this forum and all the information given!
About 2 years ago I co-signed on a SL for my nephew. Unfortunately post graduation he was late with payments. In a 18 month payment period I have gotten 5 or six calls and have made 2 of his payments so far to keep negative hits off my credit report. At first it was important as my CH was clean. Now I hear negative hits during bk can be damaging especially since a SL is not dischargeable and not subject to the automatic stay. I was wondering how bad any SL negative reports after filing bk but prior to discharge will be to my CH especially when I'm trying to rebuild credit?
My second question is I don't want to fall into the CC trap and want to preserve my fresh start. I'm wondering if it is a good idea to reaffirm a credit card debt to a department store if the bank will let me keep the card? My payment history was unblemished and I had a $230. balance when I filed bk. I know this sound dumb but I have to ask. I want to rebuild my credit but hopefully not with high annual fee cards. Maybe I should bite the bullet and keep using my debit card.
About 2 years ago I co-signed on a SL for my nephew. Unfortunately post graduation he was late with payments. In a 18 month payment period I have gotten 5 or six calls and have made 2 of his payments so far to keep negative hits off my credit report. At first it was important as my CH was clean. Now I hear negative hits during bk can be damaging especially since a SL is not dischargeable and not subject to the automatic stay. I was wondering how bad any SL negative reports after filing bk but prior to discharge will be to my CH especially when I'm trying to rebuild credit?
My second question is I don't want to fall into the CC trap and want to preserve my fresh start. I'm wondering if it is a good idea to reaffirm a credit card debt to a department store if the bank will let me keep the card? My payment history was unblemished and I had a $230. balance when I filed bk. I know this sound dumb but I have to ask. I want to rebuild my credit but hopefully not with high annual fee cards. Maybe I should bite the bullet and keep using my debit card.
Comment