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Fasfeed
Joined: 06 Feb 2008
Fasfeed's page
Posts: 87
3244 Magic Points
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Subject: dOES COSIGNING AFFECT YOUR CREDIT RATING
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Thu Feb 14, 2008 2:10 pm
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| Does cosigning for someone who has bad credit affect your credit in any way and does the account also show up on your credit file. |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Fri Feb 15, 2008 11:07 am
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Yes, it affects your credit. If they default, you get screwed...if they pay on time, it helps your score as well.
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I don't dream since I quit sleeping |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Fri Feb 15, 2008 4:52 pm
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Cosigning for someone who has bad credit can be a very risky move, you need to make sure that the person is going to pay the bill on a regular basis or you will have to, so don't do this for someone that you don't trust.
as morningstar said, if they pay it is good for you, if they don't you are screwed. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Fri Feb 15, 2008 4:55 pm
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You are being asked to guarantee this debt. Think carefully before you do. If the borrower does not pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility.
You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount.
The creditor can collect this debt from you without first trying to collect from the borrower.* The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become a part of your credit record.
This notice is not the contract that makes you liable for the debt.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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hummingbird
Joined: 10 Jan 2008
hummingbird's page
Posts: 128
660 Magic Points
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Tue Feb 19, 2008 5:38 am
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| This can be very tricky and casue a lot of hard feeling. My hubby co-sugned for our son to get a truck.He had no credit as he was onbly 19 and just starting out. Every time he is late we get noitices also ans so does he. My hubby is always complaining to him about making his payment on time and has even paid a few to help him out and protect his own credit. It is a very hard decision to co-sign for someone and can cause hard feeling and break up friendship also. |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1402
34547 Magic Points
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Tue Feb 19, 2008 9:13 am
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I cannot disagree with you hummingbird on this point. This does create a feeling of disharmony. But your husbands decision was a decision right? He knew that he would have to face such a situation. There are a lot of things that can be settled amicably.
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Regards,
Laura. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: loans
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Tue Feb 19, 2008 5:57 pm
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| Got a good story for this one!! LOL My ex-husband has almost NO credit. Why?.........well, he DOES have quite a few loans, on his Credit Report. HOWEVER..about %99, of those loans are Co-Signed by his dad. Some in Default, too. So........my ex tried to apply for a few things and was turned down. Not because he din't have anything on his CR, but, because he din't have hardly ANYTHING in JUST his name. My ex-father in law has bad credit now, because of the Defaulted loans from my ex. Make sense? |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1402
34547 Magic Points
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Wed Feb 20, 2008 5:20 am
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Yes it does. Cosigning is a difficult decision now. I would rather build my credit on my own than making my parents cosign.
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Regards,
Laura. |
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diem
Joined: 20 Feb 2008
diem's page
Posts: 94
152 Magic Points
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Wed Feb 20, 2008 7:13 pm
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| Co-signing is a tough decision. You need to be very careful who you sign for, the amount in jeopardy, and make sure you trust the person and they are financially stable. Make sure you are capable of repaying it. Don't just judge it on what THEY can pay. |
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audiskascek9
Guest
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Subject: Hi. Need yor help. 1
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Thu Feb 21, 2008 7:10 am
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Hello all!
Im Inesse from NY. Im very fat. And this problem kiil me- my weight is 124 kg....
Help m e pls |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: cosigning
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Thu Feb 21, 2008 6:56 pm
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| Sometime ago, I tried to get a personal loan, for a small amount. I COULD have, "if I had a strong co-signer". I wouldn't want to ask anyone to co-sign for me. If I couldn't get the loan, on my own, I probably din't need it anyway. I'm a bit more wiser now..credit wise, I think. |
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audiskascek2
Guest
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Subject: Hi. Need yor help. 7
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Sat Feb 23, 2008 2:57 am
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| spam deleted--Morningstar |
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