Comments on: 4 Reasons You Should Never Cosign A Loan

By: Aleksie

Aleksie — Sun, 29 Apr 2012 06:01:34 +0000

I'd argue that it is situational dependent and that not everyone has bad credit who needs a co-sign. College students do not necessarily have credit built for student loans. I was surprised when apartment searching this past March that I would need a co-signer for a lease on most apartments, a practice I learned is rather standard here in Boston if you are are student of any kind. FWIW, I have flawless rental history of almost 6 years, great credit, no debt, a part-time job, and a generous stipend, all that I was able to provide and STILL the landlords wanted a co-signer.

By: femmefrugality

femmefrugality — Wed, 14 Mar 2012 04:46:31 +0000

Ouch! The only time I’d cosign a loan is if it were my kid trying to build credit when they were first starting out. That’s messed up what they did to you, Tia. I’m very sorry.
femmefrugality recently posted..Three Months of Third Thursdays

By: Been there done that

Been there done that — Mon, 13 Feb 2012 17:41:19 +0000

It gets very tricky when dealing with a historically irresponsible parent who asks you to cosign for them. On one hand you feel as though you SHOULD do it for your mom (in my case) cause she did raise you. Even they feel you were born into this world to help them out…. but then you think, someone who you know doesn't pay their bills will not suddenly start to pay them just because you cosigned for them. I had very bad credit because I didn't understand credit yet and all the ways if would affect my life if it was bad and loaned my good name to my mom and all my siblings only to take a serious hit to my credit. I had to pay off all of the debt the incurred in my name. Some I even got judgements for. Now after thousands of dollars and years of paying my bills, I have good credit again and the worst offender has the audacity to ask me to cosign for them even though they have no job and no way to pay the bills once they come due. Well, I said no and guess what? They told me I was wrong for that!!!! The lunacity! This type of person can not and will not handle money or credit in a healthy way and no one should have to pay for it except them. Not everyone has bad credit because they didn't pay their bills. During my bad credit days, I had always paid my bills on time. My grandmother co-signed for my car and I never missed a payment! However, this is a rare circumstance so for me, I will never co-sign anything except for my child but I seriously doubt he'll need it as I will teach him what's right and good about money and credit

By: Penny Stock Blog

Penny Stock Blog — Fri, 27 Jan 2012 01:25:49 +0000

I would totally completely agree it is never ever a good idea to cosign for somebody elses loan never.

By: breonna

breonna — Wed, 25 Jan 2012 14:53:19 +0000

My mom has horrible credit and sad to say, lives above her means. My mom, who already has 3 cars, somehow went to a car dealership and decided to purchase yet another car. Well shes unemployed and has horrible credit and decided that I would put the car in my name since I have good credit and -ching- ching- a job.

At first, I went along with it due to she being my wonderful mother who has purchased me 2 cars in my life (one at 16 and the other at 21) but then I got the thinking… my mom doesnt have a job or a source of income, how is she gonna pay these car bills?! my mom has horrible credit because of not paying her bills! my mom borrows money from me all the time and never pays me back!

Of course my mom was very mad when I decided I wouldnt put this new and unnecessary car in my name. everything she has ever done for me was thrown in my face… but I just couldnt swallow this huge risk (and honestly, what would end up happening is I would be the one to have to pay that car note because my mom always feels like i owe her)

I have been a fool too long with my money. I let an ex borrow $2000 to get his car repaired and of course, I didnt get that back. (What the hell was I thinking?! He had bad credit for a reason!)

My mom has borrowed $1500 from me and I didnt get that back.

At one point in time, I had 4 credit cards and $9,000 in credit card debt. I have reduced that to 1 credit card and $2,500 in 2 years.

So Im getting better with money and learning how to say "no" when people ask for it. No co-signing for me. No more people borrowing money from me.

By: Timber Doors

Timber Doors — Mon, 14 Nov 2011 13:15:15 +0000

Liked this post

By: Clark

Clark — Fri, 11 Nov 2011 02:56:46 +0000

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By: Weekly Roundup: Earthquakes, Hurricanes, Hyperboles, Oh My! | You Have More Than You Think

Sat, 27 Aug 2011 23:02:40 +0000

[...] 4) ”Should I cosign a loan from my friend” Uh, no, and here are 4 reasons why should never cosign a loan. [...]

By: sassa

sassa — Fri, 29 Jul 2011 08:24:04 +0000

Thanks for this one. Nice article.

By: Oxbridge Essays

Oxbridge Essays — Fri, 25 Mar 2011 13:36:42 +0000

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