Someone asked me to cosign on a car loan, but I have student loans and credit fair (620), am I to refuse? Several loans, deferred inability to pay. credit score is at the low end of the Fair. No credit history.
If your inability to pay your own debt why would you sign for someone else
which is not too much sense
bottom of the fair. I hestiate to co-sign. we will credit your Ding.
If they are suppose to pay late or do that gets rung for late payment and to pay if they DONT.
I lost a great friendship when I cosigned a loan for a friend .....
It is not worth ......... Please really think about what
Why would you risk your credit score?
NEVER co sign
not for a GF
not for a brother
not even for dear ol Mom
Your credit score is with you for the rest of your life and must be protected at all times
Try it! You must be accepted.
Please. . .
On behalf of all that is good, not co-sign someone else's notes.
You put your FICO score 620 in danger and you earn very little.
The person asks you to co-sign the note is to because businesses have to have determined the child to be too great a credit risk. Confidence in their decision!
I do not know about you to refuse, but remember if the person you cosigned for the loan default of the loan will follow for the rest. be careful.
You'll probably be denied if you can not make payments on your loan. When you co-sign, you meet the person at the bank. If the person can not repay the loan, then you must pay. If the bank does not think you can take on debt, depending on your credit score and other debts, your co-signing will not help the other person.
Your credit score is honorable given the average is about 674, but it could use a little help to lift it. Now, this does not mean that you be denied when you co-sign for auto loan, but you should consider your actions.
If the person you co-sign by default on the loan, you will become liable and you are unable to pay your student loans deferred which could prove to be a death sentence for your own finanical situation.
Even when someone is considering becoming a co-signer of a family member, they must act with caution.
Remember - every time you make an inquiry against your credit score can affect in a negative way and God forbid, if you do not co-sign for the loan and that you need a loan in the future. You may find that you committed when you need a loan.
Also, before co-sigining ready for perhaps you should examine your own credit file to understand why your score is 620 instead of higher education.
I do not know how many disasters cosign we need to hear before we repeat: do not co-sign! Usually, the person who cosigned ends with debt. Do not put your credit card on line. Loan of money between them if you must, but do not co-sign for someone.
This does not mean that you do care about them. This simply means that you care more for yourself.
Posted on February 2, 2010.
