Quote:
Originally Posted by Seeker
A co-signer has no way to added to the debt of an original holder of the loan. Mom cannot add to the debt if she were a co-signer.
Co-owners do indeed both affect each other. It's a partnership of debts.
|
Co-Signer means == Daughter's account (owner) and Mom will support any debts (or try to) if Daughter cannot pay (co-signer). Another person from the lender's perspective to go to. But the account is the daughter's. Mom cannot add charges to it in any manner.... no matter Mom's financial situation.
If anyone in college submitted a CC application and had to get their folks signature and did so, and got credit.... then those folks would be supporting son/daugter -- they'd be co-signers. Their son/daughter would be owner.
----
Co-owners both have cards, both have rights, and both must make it right if defaults occur on either side.