If accredited, your co-signer is equally on the hook in your funds and will take a credit-rating hit in the event you don't observe by way of. The cry of Cowl-Up, as soon as sounded, reverberates for a long time, and it made Lewis one thing of a heroine to the right wing. Though closed accounts do ultimately fall off of your credit report, closed accounts with late funds keep in your credit report for seven years.