Younger Brothers phone bill (in my name) has damaged my credit score. What are my options?

Dreamatorium

Deleted. Thanks for all your help.

[Deleted User]

The agreement was in your name, so all you can do now is clear any arrears and move forward.

Time will lessen the impact of the late payments.

Dreamatorium

I was afraid that might be the case. I really wish there was something proactive I or my brother could do.

Do you know how much of an impact something like this is having on my overall credit score? Is this a major hit or a minor hit?

Thank you for taking the time to message me

[Deleted User]

It doesn't look great, but will reduce in impact over time. Don't worry about the score, as it's not a measure of anything. Lender will be looking at your files and history as a whole.

Stay clean for a couple of years and things shouldn't look too bad. Use the time to build good history -eg by using a credit card sensibly.

PrettyKittyKat

If the rest of your credit file is ok, then some lenders may not see it as a huge issue, especially as they will see it is a low balance. However none of us can really predict it. As the poster above said it is best to rectify it by paying it off and closing it and then just move forward the best you can building other credit history that shows that you can pay on time.

DCFC79

Your credit score is only seen by you, lenders may decline you but others may well not be bothered by the late payments.

A4445

I work with mortgage applications and we allow 3 missed payments in a year. So with a late payment in December and January you wouldn’t be declined for this reason. It will differ with each lender but you can call and ask.