Co-Signing Nightmare

CoSigningAStudentLoanMy mother always told me never to co-sign for anyone. Build your own credit and get your own stuff. If someone needs you to co-sign on something, it is because they cannot get it and keep it themselves, which is why they need a co-signer. I don’t agree with everything about her co-signing points but a lot of it is true. Things happen but worse things can happen the second your John Hancock goes on the dotted line.

The only person you should co-sign for is a responsible immediate family member. As in, you share genetics. When you sign on things for someone else, it can hurt you. Even if you have perfect credit, it takes one irresponsible person to jack it up in one month and it will take years to bring it back up. Family members, spouses and friends will be the first ones to ask but you might have to say no to protect yourself.

what-are-some-common-mistakes-to-avoid-when-borrowing-moneyThings happen and there are exceptions when it comes to co-signing but if you are hesitant, go with your first instinct. DON’T DO IT! I’d rather lend out money to someone who I know will not give it back then to co-sign with someone, who I don’t know is financially responsible or stable. Sometimes they can pay their bills on time just fine but they can’t hold a job. Where does that leave you? Do you know when you co-sign for someone and they don’t pay, it goes on your credit report too? Better yet, they will start calling you asking for the money! Yeah, banks don’t play and neither should you. If you are not 100% sure they are responsible, don’t do it. I’m telling you, when that 800 number pops up on your phone, remember I warned you!

Giving someone the side eye…

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