Answers
My dad cosigned a BMO student line of credit years ago, I hit financial hard ship and wasn't paying it for months, I talked to the people at BMO and have made payment arrangements, She was nice, but she said if I defult on my arrangement (which I won't) She won't hesitate to send myself or my dad to collections, So does this mean this hasn't effected his credit yet? I HOPE NOT!! can someone help? (canada)
My dad cosigned a BMO student line of credit years ago, I hit financial hard ship and wasn't paying it for months, I talked to the people at BMO and have made payment arrangements, She was nice, but she said if I defult on my arrangement (which I won't) She won't hesitate to send myself or my dad to collections, So does this mean this hasn't effected his credit yet? I HOPE NOT!! can someone help? (canada)
Details: yes he was only the 2nd name, and he has GREAT credit
Unfortunately, it will affect his credit score. Loan payment history is reported to the credit bureaus for all signers on an account - this is because when you cosign a loan, you are essentially agreeing to back up the credit of the person you are cosigning for. So, if you don't pay, he has the obligation the make the payment in your stead. When this doesn't happen, the loan company reports it to the credit bureaus as late.
You have taken steps to correct this damage, though. The best thing you can do with a loan is behind is start making regular payments, and fortunately your loan company did not send your account to collections - this would have resulted in a charge off showing up on your credit scores, which is much worse that being 60-90 or 90-120 late on one loan. If your dad has excellent credit, your failure to make payments for a short while on one loan should not have an appreciable effect on his credit score... maybe 30 fico points if I had to guess, but I don't know any details about your situation.
Make those payments on time until its paid off!!! Good luck.
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BMO Financial Group's Market Strategists Unveil Their Predictions ...
TORONTO and CHICAGO, December 23, 2010 – BMO Financial Group's economists, market and commodity strategists in Canada and the United States give their predictions for 2010.
1) Douglas Porter, Deputy Chief Economist, BMO Capital Markets
We look for both Canada and the U.S. to post GDP growth of roughly 2.5 per cent in 2010, essentially reversing similar declines in the prior year. The era of zero interest rates will come to an end just after mid-year in Canada and not soon afterwards in the U.S. However, borrowing costs will remain exceptionally low by historical standards, as major central banks will wait until it is absolutely certain that recovery has taken root before hiking aggressively....
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