1 My son, if you have put up security for your neighbor,
if you have struck hands in pledge for another, 2 if you have been trapped by what you said,
ensnared by the words of your mouth, 3 then do this, my son, to free yourself,
since you have fallen into your neighbor's hands:
Go and humble yourself;
press your plea with your neighbor! 4 Allow no sleep to your eyes,
no slumber to your eyelids. 5 Free yourself, like a gazelle from the hand of the hunter,
like a bird from the snare of the fowler. Proverbs 22: 26 Do not be a man who strikes hands in pledge
or puts up security for debts; 27 if you lack the means to pay,
your very bed will be snatched from under you. You are responsible for the loan/credit/open account/lease you cosign. You should be prepared to pay what is owed if the party you are cosigning fails at payment. If you are not prepared for this, you should not cosign.
TIME!
only if your cosigning
No.
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
There are no pros, except for making the person you are cosigning for happy. CONS--SEVERAL, whoever you cosign for does not have to make payment and still get to keep the house, you pay they stay for free. your credit is scarred if they do not pay and it goes into forclosure, you have to make up all payments or come up with the total loan, You really need to think long and hard before co signing! There are so many programs to help people with bad credit, no credit. They can help them, do not co sign. Talk with an attorney before cosigning, no matter who it is for.
Because you have taken on the risk of a deadbeat.
Yes.
co- maker,buyer,borrower guarantor???
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
no
Yes, it will affect your debt to income ratio.