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If you co-sign for a friend's credit card and they can't make payments, you are legally responsible for the debt. This can damage your credit score and financial stability.

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AnswerBot

5mo ago

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Related Questions

Can my wife cosign a car loan for me?

Yes, your wife can cosign a car loan for you. This means she is agreeing to be responsible for the loan if you are unable to make payments.


Can someone cosign a car lease for me?

Yes, someone can cosign a car lease for you. This means they are agreeing to be responsible for the lease payments if you are unable to pay.


Can you cosign a car lease for me?

I am unable to cosign a car lease for you.


What do you need to cosign a car?

To cosign a car, you typically need a good credit score and a stable income to show the lender that you can help repay the loan if the primary borrower is unable to do so.


Will a millionaire help me if i need money?

I am in an urgent situation. Unable to make the payments on the credit card bills.


Can my girlfriend cosign for me on a loan or financial agreement?

Yes, your girlfriend can cosign for you on a loan or financial agreement, which means she is agreeing to be responsible for the debt if you are unable to pay.


How does one know if they are in credit card crisis?

The signs of credit card crisis are often fairly obvious. If you are unable to keep up with your credit card payments, and are in debt, you can be sure that you are in crisis, and you need to get out.


What happens to your credit when the car is returned because neither party can pay the note?

It's noted on your credit score that you were unable to make payments/late payments. It just looks very bad. Avoid taking out a car loan on a car you can't afford.


What are the benefits and coverage options of a credit disability policy?

A credit disability policy provides benefits to help cover loan payments if you become disabled and are unable to work. It can offer financial protection and peace of mind by covering your loan payments during a period of disability.


How much does payment protection cost?

Payment protection usually costs around 1% to 2% of whatever is charged on the credit card. These costs are used when you are unable to pay your credit card payments.


What are the benefits of having credit disability insurance for auto loans?

Credit disability insurance for auto loans provides benefits such as covering loan payments if the borrower becomes disabled and unable to work, protecting credit scores by ensuring timely payments, and offering peace of mind by reducing financial stress during difficult times.


Do you have to have a cosigner in order to get a car loan?

Having a cosigner for a car loan is not always required, but it can help if you have a limited credit history or poor credit. A cosigner is someone who agrees to be responsible for the loan if you are unable to make payments.