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Would you co sign? - Page 2

post #31 of 41
Quote:
Originally Posted by okiron View Post
For those of you who are saying "absolutely not!" What if someone's life was in danger? What if some animal's life was in danger? If you cosigned, you could save a life.

It kinda makes me sad reading all these people saying their "perfect" credit is more important than helping someone out. How do you explain that one to whoever you believe in?

And that's another thing too. If you can't afford to then fine, it's understandable. But if you could afford to take over the minimum payments if necessary then why not? If it's your gambling addict cousin, it's understandable. But someone who's borrowed money from you in the past and always paid it back? There has to be some sort of medium. Instead of absolutes.
I've been burned by too many people when it comes to loaning out money.

IMO, if the person is an adult, out of college, and still needs someone to cosign for them, then that pretty much tells me that they are not going to be responsible in paying me back.

Once you lose your "perfect" credit score, it can take years to recover from it. Now maybe if I won the lottery, I wouldn't care about cosigning, but heh, I'm far from rich and fully supporting another adult.
post #32 of 41
Quote:
Originally Posted by lunasmom View Post
I've been burned by too many people when it comes to loaning out money.

IMO, if the person is an adult, out of college, and still needs someone to cosign for them, then that pretty much tells me that they are not going to be responsible in paying me back.

Once you lose your "perfect" credit score, it can take years to recover from it. Now maybe if I won the lottery, I wouldn't care about cosigning, but heh, I'm far from rich and fully supporting another adult.
Me too but I have the mentality that "lending" is actually "giving". If you get it back it's just extra money. If I can't afford it, I don't do it. My question was more towards people who can afford it.
post #33 of 41
Quote:
Originally Posted by lunasmom View Post
I
IMO, if the person is an adult, out of college, and still needs someone to cosign for them, then that pretty much tells me that they are not going to be responsible in paying me back.

Just because someone is an adult and out of college, doesn't mean they are not going to be responsible in paying someone back. When I graduated college in '06, I moved to NH with my boyfriend. My parent's grad present was to pay half my student loans. Well, when we moved, my car wouldn't pass inspection, so I needed to get a new one. My parents gave me $5000 for a down payment, which turned out to be half my grad present. They also co-signed on my loan, which I think was $6000. If they hadn't co-signed that loan, I don't think I would have been able to get the interest rate that I did. After making monthly payments on it for a year and a half, I had enough money in savings to pay it all off. I'm responsible enough, that even if I didnt have the money to pay it all off at once, I still would've made the monthly payments for another year and a half.
post #34 of 41
Lent money to my favorite cousin and her brother, my not so favorite cousin, for their restaurant. Not seen any of it back and never will. No way, no how, would I cosign any loan unless it was for one of our children. I have pictures of them naked as babies, so I am sure that they would pay us back.
post #35 of 41
Quote:
Originally Posted by yam102284 View Post
Just because someone is an adult and out of college, doesn't mean they are not going to be responsible in paying someone back. When I graduated college in '06, I moved to NH with my boyfriend. My parent's grad present was to pay half my student loans. Well, when we moved, my car wouldn't pass inspection, so I needed to get a new one. My parents gave me $5000 for a down payment, which turned out to be half my grad present. They also co-signed on my loan, which I think was $6000. If they hadn't co-signed that loan, I don't think I would have been able to get the interest rate that I did. After making monthly payments on it for a year and a half, I had enough money in savings to pay it all off. I'm responsible enough, that even if I didnt have the money to pay it all off at once, I still would've made the monthly payments for another year and a half.
If you saw my earlier post, I said that my future children would be my only exception to the rule...
post #36 of 41
Quote:
Originally Posted by lunasmom View Post
If you saw my earlier post, I said that my future children would be my only exception to the rule...

I understand future children would be an exception to the rule. To me, it seems like you were making a generalized statement that said that all adults that are out of college, who have to have a co-signer, won't pay their loans on time and just cause the co-signer trouble. But that's just how I perceived it.
post #37 of 41
Quote:
Originally Posted by yam102284 View Post
I understand future children would be an exception to the rule. To me, it seems like you were making a generalized statement that said that all adults that are out of college, who have to have a co-signer, won't pay their loans on time and just cause the co-signer trouble. But that's just how I perceived it.

Sure you're out of college and on shaky grounds financially, especially if you don't have a job yet. I should have specified that it was towards friends/relationships/anyone not in the immediate family who have been out of college a couple of years and have a job, but they still need someone to cosign.

Again, I've been burned too many times. Heck, if B needed a loan, I wouldn't even cosign for that right now, and we're engaged. That's how badly I've been burned. Lessons learned imo.
post #38 of 41
Quote:
I've been burned by too many people when it comes to loaning out money.

IMO, if the person is an adult, out of college, and still needs someone to cosign for them, then that pretty much tells me that they are not going to be responsible in paying me back.

Once you lose your "perfect" credit score, it can take years to recover from it. Now maybe if I won the lottery, I wouldn't care about cosigning, but heh, I'm far from rich and fully supporting another adult.
This is how I feel, too. I've worked long and hard to build up my credit and other people can, too. I started out with a department store credit card, paid it off every month, then a major credit card, then a car loan, then finally worked my way up to a mortgage...all without cosigners. I earned my good credit rating by being responsible.

So many people are "I need it now!" even if they can't afford things, and this is why so many are deeply in debt.

Plus, I've been burned too. That is why I answered no.
post #39 of 41
Having watched many a court TV show the answer would be no way! I've seen too many families and friends torn apart by co-signing gone wrong. I've also known people personally that have also had bad experiences.
post #40 of 41
It depends on the person. I don't think I would co-sign for a friend. I would however co-sign for my bf, I've loaned him money in the past, and he's very good about paying me back. I would consider co-signing for my immediate family, but that's it. Too many people make promises that they don't keep.
post #41 of 41
I would only do it for a child if they had proved they were responsible, and just needed help. If they weren't responsible for their own actions, then no, and if it was anyone else, then no.

Although, if my sister in law needed money, we would loan her the money and set up a repayment schedule with her directly. I would absolutely trust her.
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