a friend asks you to co-sign a loan or lease because his credit is in the toilet and he can't catch a break. he's pretty reliable but had unemployment problems because of school or travel. he recently landed a steady job but can't convince anyone to allow him to rent an apt or buy a car without a co-signer. would you do it?
would you do it for someone else (sibling, parent, cousin, neighbor, etc.)?
Full Version: Lending Your Credit
QUOTE (Spot @ Feb 5 2008, 09:57 AM) 
a friend asks you to co-sign a loan or lease because his credit is in the toilet and he can't catch a break. he's pretty reliable but had unemployment problems because of school or travel. he recently landed a steady job but can't convince anyone to allow him to rent an apt or buy a car without a co-signer. would you do it?
would you do it for someone else (sibling, parent, cousin, neighbor, etc.)?
would you do it for someone else (sibling, parent, cousin, neighbor, etc.)?
Generally I don't think it's a good idea and I would try and help a friend in another way.
If you do co-sign, determine your possible liability in a worst case scenerio, because you will be held liable for the loan/lease.
I would only do it for someone I really cared about. And only if I had the money to completely cover it if it went bad. Cosigning a cell phone contract is very different than cosigning on a mortgage or even a car loan.
Why not? I'm broke...
QUOTE (Spot @ Feb 5 2008, 08:57 AM)
a friend asks you to co-sign a loan or lease because his credit is in the toilet and he can't catch a break. he's pretty reliable but had unemployment problems because of school or travel. he recently landed a steady job but can't convince anyone to allow him to rent an apt or buy a car without a co-signer. would you do it?
would you do it for someone else (sibling, parent, cousin, neighbor, etc.)?
would you do it for someone else (sibling, parent, cousin, neighbor, etc.)?
Nope! The only time I could imagine signing for someone is someone who I know is fiscally responsible AND can't get credit unless has co-signers or not enough credit of his/her own.
Fiscally responsible people can build up credit but it's a slow process.
QUOTE (brianna @ Feb 7 2008, 05:41 PM)
Fiscally responsible people can build up credit but it's a slow process.
I don't understand why it's slow. I think I have good credit (for someone my age) (though I don't know my credit score) and all I had to do was make loan payments on time.
QUOTE (accolade @ Feb 7 2008, 10:23 PM)
I don't understand why it's slow. I think I have good credit (for someone my age) (though I don't know my credit score) and all I had to do was make loan payments on time.
Because if one doesn't have a loan to pay off, hard to build up credit.
Depends on the numbers.
QUOTE (accolade @ Feb 7 2008, 11:23 PM)
I don't understand why it's slow. I think I have good credit (for someone my age) (though I don't know my credit score) and all I had to do was make loan payments on time.
You're probably about a 703.
QUOTE (Pure Myrrh @ Feb 8 2008, 11:58 AM)
You're probably about a 703.
Upon what do you base that?
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