Are You Really Ready To Ask Someone To Co-sign For You

[Elgin526]

Re: Finally a question that could ruin your credit

I'd imagine the #1 type of co-signed loan is a car loan. If a person can't get approved for a car loan, there is no way in hell I'm co-signing! Anyone with a job and a pulse should be able to get a car loan!

[ren]

Re: Finally a question that could ruin your credit

OT: Every time I see this thread on my new posts list, I think, "Man, there's a lot more than just one question that could ruin my credit."

[Ima saver]

Re: Finally a question that could ruin your credit

No, I would not co sign for anyone. Except my husband, of course.

[vishenda]

Re: Finally a question that could ruin your credit

No, I would not co sign for anyone. Except my husband, of course.

and 1st degree family members

[vsjhoc]

Re: Finally a question that could ruin your credit

and 1st degree family members

Parents co-signing for their kids ... often a bad idea.

[sweeps]

Re: Finally a question that could ruin your credit

I think that the people that post things like this keep forgetting that other people, such as myself, never saw that other thread. Lets try to remember that just because you saw or read the thread does not mean all have. There are new people all the time. I am not new but I have been working three jobs lately and so have missed ALOT of threads. I don't want to have to search through days and days of threads just to see what I missed. So I don't mind the repeats. This site is such a great site for people to come and learn from one another how to save money and protect their finances.

Thanks for your feedback, but the OP posted this exact same topic not too long before, and the purpose of the post was to direct traffic to her web site. I don't have a problem with repeats either but this was what I would consider abuse.

[Smj29]

Re: Finally a question that could ruin your credit

I would not cosign for anyone. If a bank does not trust them to pay back a loan, why should I?

[cicy33]

Re: Finally a question that could ruin your credit

I would not cosign for anyone. If a bank does not trust them to pay back a loan, why should I?

While I would also be cautious (sp) about who I signed for it is not always that they dont' trust them it is sometimes that they don't have enough credit yet under them. My daughter is a classic example. She has bought two cars with cash herself (not expensive ones), her cell phone was under my name cuz at the time we got it she was 16 and then they told her when she was 18 she didn't have enough credit to get it in her own name even though she had paid for it for 2 years herself, finally at 20 was able to get it in her own name. She just didnt' have the credit, my dad co signed her to get a truck this past year. She spent more than usual and didnt' have that much money. She is paying it off her self with no trouble. She has worked since she was 16 and paid her way but that doesn't always matter to banks unfortunately. Now, keep in mind that there are some people that should not be cosigned for.

[abowers]

Re: Finally a question that could ruin your credit

My fiance cosigned for my car loan -- I was approved on my own, but with him on the account I got a 3% lower interest rate :-)

[LivingAlmostLarge]

Re: Finally a question that could ruin your credit

I bought a condo with my DH before we were married. NOT the smartest move, actually I wrote about it on my blog as my worst move. If my kid ever did something that stupid. To make a long story short, I made it even a worse money move because I got the mortgage in my name only but deed in our name. Sigh. The stupidity of it all.

I won't cosign for anyone else.

[rusty@saving]

Re: Are You Really Ready To Ask Someone To Co-sign For You

my wife and i were asked to co-sign for a friend once(her friend). we were weary of course, even though she was responsible. just the bickering along between them without the co-signing going down made me put my foot down and say no. not that i have all the power or anything, but i was a third of the decision, and i said no. all 3 of us had to agree.
i was happy to be the jerk if their friendship was going to last. plus, i am 9 yrs older than both of them, and have seen serious problems with people doing this.
she got someone else to do it for her, and we are all just fine now.