Expert: David - 7/27/2009

Question
My ex and I bought a car together.  I am primary.  My ex filed for bankruptcy in 2009 and reaffirmed the car loan and kept the car.  My ex has been making all the payment on time every month.  I recently applied for a credit card and I got denied.   They listed "bankruptcy" as the reason for denial.  Last week I also applied for a private student loan and they denied it as well citing bankruptcy as the reason.  I have never filed for bankruptcy.  My credit is pretty good.  What do I do about this?  Am I going to be burdened by this bankruptcy that I never filed all because I share a loan with someone who did file for bankruptcy?  I have already requested that Toyota remove me from the loan but they refuse to do so.  My ex will not give up the car and does not qualify to refinance it.

Answer
Andi,

You are correct that the system will penalize you for the BK as well.  In joint accounts each borrower is rewarded or penalized the same for activity on that account.  You can use a credit repair process to try removal of the tradelines.  It does not always work but may be worth the effort.  If you want to learn more about that you can call us directly.

David McArthur
Financial Scoring Solutions
219-718-8566 - Direct Line