What happens if you cosigned for a spouse and then you get divorced? [disablity] [nih]
My brother a few years ago signed cooperation for his wife so she could get a credit card (it is not working and Disablity) with their local credit union (NIH credit union, he worked for NIH and is a member of the club with him)
The account is not a joint account, and he is not listed on the card as an authorized user. I told him he should immediately either try to remove her name from a common cards, they closed as AU-cards or cards where he can not remove her.
But, in the case of where he cosigned they could get the card in her name only, does he have a refuge, if they decide to keep it open?
He do not want a divorce, but because she has something very, very stupid it was submitted. What would you recommend on cooperation signed card? Is he stuck and hoping she is responsible? I am good friends with his wife to see irresponsible and can not with the card, after all his under her name and her credit and she is very high on stuff.
Is he stuck unless they decide to close?
Reply:I am having difficulty imagining how he would "co-sign" for a credit card account. I mean, if the approval relied on his credit, he would be either the Primary cardholder or the Joint cardholder. In either case, the card should definitely be reporting to his credit already.
Unless the CU required him to sign some kind of personal guarantee for any credit she was granted, it sounds to me as if he sponsored her as a member of the CU and (perhaps) nothing more. In that case, I don't think he is on the hook.
I sponsored my DW as a member of NFCU but her cc's were issued based on her own credit and have nothing to do with me.
Reply:Generally, if he co-signed, he is jointly responsible. Issues such as debts and financial obligations would be addressed in the divorce decree.
I am not an expert, so someone will correct me if I am wrong.
Reply:ohh i think i did mis-read that..lemme see if i get this; cuz if so its the same situation i was in…
to get my USAA car loan, then later bank account; my ex (navy), called up and asked about his "fiancee" (we were nowhere near close marriage, but he thought it would work, and did) getting a car loan.
they congratulated us, asked our wedding date; pulled my credit and approved me.
he WAS NOT on my loan or my banking info, he was simply a 'sponsor' for me to get "in"
if thats the same case; no worries. i later called to do something (i dont remember) they asked how the wedding was; i had said we broke up…and my account is still intact.
Reply: Don't cheat on your wife and you won't be in the same situation as him. He is my brother and I love him but I think he acted like an idiot and he knows it. As much as I hate to see anyone get divorced, I don't blame my sister in law.
Wow, thanks for the reply. Now that I know I kind of wish I hadn't asked. I thought it was something like that or he didn't take the garbage out or wash the dishes or something.
Maybe she can pay for the marriage counseling with the card..! Divorce does suck I agree, but sometimes everyone is better off as a result.
In my opinion he MUST contact the CU and find out the status of this card and determine exactly the ramifications of his signing for it. It could be in her name only on the card and still be a joint account or even an authorized user.
He needs to find out though and while he's at it, advise him to obtain three hard copies "snail mailed" from each CRA.
Reply:Don't cheat on your wife and you won't be in the same situation as him. He is my brother and I love him but I think he acted like an idiot and he knows it. As much as I hate to see anyone get divorced, I don't blame my sister in law.
Reply: My brother a few years ago co-signed for his wife so she could get a credit card (she is not employed and is on disablity) with their local credit union (NIH credit union- he works for NIH and she is a member by association with him)
The account is not a joint account and he is not listed on the card as an authorized user. I told him that he should immediately either try and get her name off any joint cards, remove her as AU on cards or shut cards where he can't remove her.
But, in the case of where he cosigned so she could get the card in her name only, does he have any recourse if she decides to keep it open?
He does not want a divorce but she has filed because of something very very stupid he did. What would you advise on the co-signed card?? Is he stuck and have to hope she is responsible? I am good friends with his wife and can't see her being irresponsible with the card, after all its under her name and her credit and she is very on top of stuff.
Is he stuck unless SHE decides to close it?
So exactly what took place when he co-signed for her. I'm guessing she is either a joint user or an authorized user.
There really isn't any way to determine if he's "stuck"until it's determined what her status is and whether or not he's on the hook. If I were him I would immediately contact the CU and inquire with them.
Fill us in on what he did that was very, very, stupid and caused her to want a divorce. Maybe some of us here can avoid the same predicament, c'mon inquiring minds want to know.
Reply:But he is not "on" the account. Its not joint. He co-signed with NIH so she could get an individual account.
Reply:request to have himself taken OFF (just in case)
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