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Does cosigning affect your credit score?

K

kami333

Diamond Member
Does it? My gf needs a cosigner for a loan for college, and I'm her last hope.

Normally I wouldn't consider it but she is desperate.

I have fine credit, no loans or debts, 2 credit cards with no payments.

I know it'll show up as a cosign, will it affect the score?

I know it is a bad idea. I ALWAYS tell my friends not to do it.

ack, decisions, decisions... I do have enough savings to cover the loan IF worst comes to worst...
 
Originally posted by: kami333
Does it? My gf needs a cosigner for a loan for college, and I'm her last hope.

Normally I wouldn't consider it but she is desperate.

I have fine credit, no loans or debts, 2 credit cards with no payments.
Click to expand...



do it, and You'll regret it. One way or another, you'll end up getting the short straw...



And yes, it will affect your credit rating. Creditors will see the loan as your obligation, since you're a cosigner.
 
Yes it does, and DON'T DO IT no matter what she says.

Who cares if she's desperate? Why does she need a co-signer anyway? Bad credit? And you want to throw yourself in with her?
 
It's your choice in the end. If it's your girlfriend, depending on what kind of girlfriend we're talking about, unless you are 99.9763872% sure you are going to be with this woman for the rest of your life, do NOT do it.
 
don't do it. simple as that.
if she doesn't even have her family's support, there can only be a bad ending to this fiasco.
 
How bad is this girls credit that she can not get a education loan? Sounds like a bad idea to me. If you do help her get a signed and notorized contract in case things go bad so you can take her to court.
 
Originally posted by: arcenite
It's your choice in the end. If it's your girlfriend, depending on what kind of girlfriend we're talking about, unless you are 99.9763872% sure you are going to be with this woman for the rest of your life, do NOT do it.
Click to expand...

Add .0236128 to that number and change "unless" to "even if." UNLESS the loan is for $10 and you require proof that she sent every payment on time. 🙂
 
Are you insane!!!!! She could break up with you next week and totally screw you!!! How much is the loan for, and how long have you been together?
 
Originally posted by: mugs
Yes it does, and DON'T DO IT no matter what she says.

Who cares if she's desperate? Why does she need a co-signer anyway? Bad credit? And you want to throw yourself in with her?
Click to expand...

Agreed, the only time someone needs a cosign is if they are fvcked in their credit history.
All you'll do is hurt yourself. Like so many other places in life, this is one of those situations where the responsible person will end up suffering.

The only time I plan to cosign is when my kids turn 18 and they dont have any credit history. And if they can get a credit card by keeping money in a savings account and not touching it, then I'll help them with that.
 
My only reservation would be that she's only your girlfriend. You need more commitment, because if you two break over bad terms, she will most likely not care about your credit after the fact.
 
I love it when people let their girlfriends/boyfriends jack up their finances, then when it falls apart they blame the person who dumped em.
 
Don't do it unless you are fully prepared to pay the loan in full, have the resources to do it, and can live with being pwned.

Will it affect your credit rating? If you keep the payment up, it will help your credit. If you let the payments slip, it will hurt your credit.


 
Just so you know, you'll be tied to that loan until she pays it off. Or until you pay it off.

This is what parents and family are for.
 
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