Absolutely not, and I wouldn't want someone to co-sign for me, either: too risky.
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Would you co sign?
- Thread starter kittylover4ever
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NO!!!!!!!!!!!!!! Not even for a relative--I don't care how "nice" the person is. If they default on the loan, YOU get stuck with it. Don't do it!!!!
Not in a million unless the life of another living thing depended upon it. I had my credit screwed up by helping some homeless people get a place to live. Now 7 years later, they have the money to pay me back and I need it, but do you think they'll give it to me? No way. I have asked till I was blue in the face. So Ive been burnt before and at this point, if they were to become homeless again I would let them stay that way. In order to get a little of the money back to put insurance on my car several years back, I had to grab Nathan by his metal ball necklace and turn... REAL HARD! As he turned blue in the face I told him I needed some of my money, he got part of it that day! He had it all the time. Just didn't want to give it back! I dont think the way I got part of it back was right, but at the time it was something that needed to be done...
A good rule to follow - ONLY LOAN AS MUCH MONEY AS YOU CAN AFFORD TO NOT GET BACK! Most times loans are never paid back from friends or family - both can play the vanishing act when it comes time to give it back to you.
No!
I have pretty good credit and i want to keep it that way. I've worked hard to get to where i am at them moment and i just couldn't risk someone not holding up their end of the deal and as a result messing up my credit. I hate to be selfish- but my family (colin and i and any future kiddos) & i come first and i have to think about what is in our best interest- take a risk like that is not. Signing off on something i could not afford and having it go bad would really hurt me financially and i just can't and won't take that risk.
I have pretty good credit and i want to keep it that way. I've worked hard to get to where i am at them moment and i just couldn't risk someone not holding up their end of the deal and as a result messing up my credit. I hate to be selfish- but my family (colin and i and any future kiddos) & i come first and i have to think about what is in our best interest- take a risk like that is not. Signing off on something i could not afford and having it go bad would really hurt me financially and i just can't and won't take that risk.
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.
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.
Depends who it is, and even then i would be thinking long and hard about doing it
I think the only time I would, as in another member's response, for Care Credit or to help out to save an animal. People can get medical help without paying first but animals cannot.
That said, my credit is not good so no one will be asking any time soon
I work for a repo/towing company - do not ever cosign for a vehicle unless you can actually afford to make that payment every month. I see it every day - parents, ex SOs, friends who end up with entire balances due plus fees because the person they signed for has not been making payments. I believe if you cannot afford a new car, do not buy a new car.
What I don't understand are the parents who consistently bail their grown children out of jams. Making car payments, paying off drunk driving/no insurance tickets and fees, paying for accidents. I just don't get it. Rant over
That said, my credit is not good so no one will be asking any time soon
I work for a repo/towing company - do not ever cosign for a vehicle unless you can actually afford to make that payment every month. I see it every day - parents, ex SOs, friends who end up with entire balances due plus fees because the person they signed for has not been making payments. I believe if you cannot afford a new car, do not buy a new car.
What I don't understand are the parents who consistently bail their grown children out of jams. Making car payments, paying off drunk driving/no insurance tickets and fees, paying for accidents. I just don't get it. Rant over
Oh Suuuuuuuuuuuusan!
I guess it would have to depend on what it was for
I worked for a captive auto finance company 20 years and saw way to many repo's happening due to either the buyer or co-buyer bailing on the loan. Esp prevalent were the "boyfriend/girlfriend" loans. Many stupid people out there thinking they are not going to break up with the boyfriend/girlfriend.
20 year ago when we bought our house we used the majority of our savings plus we each borrowed $5K from our parents. We paid them back monthly with interest-took 4 years.
20 year ago when we bought our house we used the majority of our savings plus we each borrowed $5K from our parents. We paid them back monthly with interest-took 4 years.
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.Originally Posted by lunasmom
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.
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.
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.
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.Originally Posted by lunasmom
If you saw my earlier post, I said that my future children would be my only exception to the rule...
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.
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.
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.
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.
