Yes. Most major banks will allow you to remove a co-applicant on a credit card whenever you want as long as the remaining responsible party is credit worthy to have the card in your name.
Your best option to get your name off a large cosigned loan is to have the person who's using the money refinance the loan without your name on the new loan. Another option is to help the borrower improve their credit history. You can ask the person using the money to make extra payments to pay off the loan faster.
Generally, both people on a joint account will have to contact the credit card company and cancel it. From there, there may be a way for one person to put the card only in their name. It might also be necessary to completely shut the account down and start a new one in one partner's name.
you can't remove yourself as a cosigner unless the other person refinances the whole loan into their name.
Being removed as a cosigner from a loan could potentially hurt your credit scores. How much your scores are impacted depends on the details of your credit profile.
You can remove yourself as a co-signer, but it's not always easy. When you ask for a co-signer release, it's common to get turned down. When you co-sign a loan, you're taking on full responsibility for that financial obligation, along with the primary borrower.
Now, you may be wondering if removing yourself as an authorized user affects your credit, and the short answer is potentially. If the credit account you are removing yourself from is your oldest line of credit, your credit history will be shorter because of this.
Unlike a credit card with an authorized user, you generally cannot simply remove one name from a joint credit card. Most issuers will require you to close the account.
Before taking yourself off a joint bank account, you'll need to let the other account holder know. Banks that allow one account holder to take their name off the account may require you to submit written approval from the other account holder or might even require that all parties visit a local branch in person.
You can often remove a cosigner at any point during the loan period. Your loan paperwork might dictate specific terms, though. For example, some lenders require 24 months of on-time payments from the primary borrower before they'll consider releasing the cosigner.
To get a co-signer release you will first need to contact your lender. After contacting them, you can request the release — if the lender offers it. This is just paperwork that removes the co-signer from the loan and places you, the primary borrower, as the sole borrower on the loan.
It can affect your credit scores.
Because a co-signed loan is recorded on your credit reports, any late or missed payments can have a negative impact on your credit scores. If the borrower defaults on the loan and ceases payment, the debt may be referred to a collection agency.
If you'd like to remove an authorized user, you'll need to contact Chase by either calling the card issuer or by sending a secure message while logged into your account. After you remove a user, their card will no longer work.
If you want to be removed from the account, you'll have to call the credit card provider and be prepared to negotiate. If the other account holder would qualify for the card on their own, the credit card company may approve your request. If not, your only option is to pay off any outstanding debt and close the account.
Closing a joint account won't remove the link to the other person from your credit file. If you no longer have any financial connection to them (so no other joint account, loan or mortgage) you can ask the credit reference agencies to issue a 'notice of disassociation'.
Schulz also notes that when primary cardholders remove an authorized user on their card, the primary cardholder's credit history will no longer influence the authorized user's credit history.
Removing Yourself As An Authorized User
You might also want to remove yourself if you were added without permission. To remove your name as an authorized user, start by calling the credit card issuer and simply asking them to remove you from the account.
Authorized users can make charges, but they aren't responsible for bill payments.
No. Cosigning a loan doesn't give you any title, ownership, or other rights to the property the loan is paying for. Your only role is to repay the loan if the main borrower falls behind on the payments or defaults.