"Please! Can you just help me get this car, credit card, student loan, Wide-Screen TV?"
How many times have you heard that coming out of mouth of someone you know, maybe even love!
Well, I am here to tell you if you want to continue liking that person or even loving that person do not co-sign a loan for them. It is way to risky.
If you do co-sign, and that person for whatever reason misses a payment whether intentionally or unintentionally. That late payment or even worse, defaults ,it is recorded on your credit report and 90% of the time you never know it has happened.
And like I talked about before if that payment is late, all your other credit card companies have the "Legal" right to increase your interest rate! And they will!
Another thing to that you may have not thought of the loan will appear on your credit reports it may affect your debt-to-income ratios and limit your ability to qualify for the credit you need.
Overall, never, ever co-sign for anyone, including your relatives. If you really love them Loan them Cash, not your Credit!
Your friend,
The Credit Guy!
www.carlossamaniego.com
(909)307-0977
P.S. Today I am feeling totally awful ending up getting flu from my trip to Ohio and I still have it. I wanted to share picture from a 2 day camping trip to beach in San Diego couple weeks ago. It is a picture of my two very beautiful and Nieces Brooke and Nicole, walking on beach!
