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Hello and thank you for using the Just Answer website. I'm sorry to hear about your situation. What exactly was the damage to your score? Was it simply late payments and if so, how many and how many days lste?
late, not lste. Sorry
Annualcreditreport.com is the only free credit report service which is authorized by federal law. You will need to look at your actual credit report and not just the score to determine what the damage was and in order to know how to fix it, if it was indeed caused only by the car loan. You will need to get all three credit reports. You are entitled to one free report from each of the credit bureaus if you go via annualcreditreport.com. If your information did not match up, that is when they ask you to request one via mail but it is still free. There are also many other places where you can obtain a credit report but they are not free.
There are many things that can affect a FICO score. Number of hard inquiries, length of credit history, debt ratios, late payments, write-offs, public records, etc. The only way to determine how to improve your score is to take a look at your actual credit report and go through what the negatives are as listed.
Please let me know if you have any additional questions.
I typed a lengthy response to you but it seems that it did not go through somehow.
With respect to repairing your credit, it would depend on what the actual negatives are on your credit reports. Are they write-offs or are they late payments? If they are late payments, how many late payments and how late? 30 days? 60 days? 90 days or more?
There is no standard form to transfer the loan since the law considers you as much of a primary as the other person whose name is ***** ***** loan. The only way he can further hurt your score is by not making payments. You can, however, contact the holder of the loan and they can make the determination about putting the loan in your name only. Keep in mind that you also have the legal right to sue him for what you paid and you can repo the car as well.
I'm not sure I'm understanding your follow-up question. If the loan is paid off, then the loan is paid off. There would be nothing to substitute. Are you saying that you want to pay off the loan and then give a loan to the person you co-signed for? Please clarify your question.
As soon as a payment is 30 days late, it affects your score.
If your name is ***** ***** title, you do have the right to repossess the vehicle in most states. If your name is ***** ***** the title, then your best option is to talk to the lender about putting the loan in your name only.
You would simply need a written contract - specifically, a promissory note.
Please let me know if I have answered your question.