Are you feeling the squeeze,even if you have had a good credit score?

Question

I helped a friend get a mobile phone, long story short, because they defaulted on payments the bad mark is against me for being the contract holder. I've lost my credit rating which took me 25 years to build in one foul swoop! anyone had similar tale to tell and what can you do about it?

Answer 1

some "friend", eh? I hope you took measures to cancel the account you are responsible for and eliminated your friendship. Yes, i got suckered into cosigning for a car lease, and got stuck with $27,000 in payments. It's been said a kazillion times before, but idiots (like me) continue to be trusting of "friends" when every personal financial expert says "NEVER cosign". Alas, some of us have to learn the hard way. Hope my (sob) story makes you feel a little better at least...yeah, it took me three years to repair my damaged credit and it may take you that long, too, but i hope not. No sense saying you messed up (that's hindsight)--you know you did, and you won't be the last to mess up. But you (we?) can maybe take some small comfort in knowing there may be at least one person who will read our "accounts" and not make the same mistake we did. Good luck!