• ¡Welcome to Lending Network!
  • America's Fastest Growing Loan Scenario Online Forum
Hello There, Guest! Login RegisterLogin with Google+


Welcome to Lending Network! America's Number One Loan Scenario Help Center For The Public Join Our Lending Network Online Community Forum And Ask Your Loan Case Scenarios To Our Moderators & Real Estate Professionals.
It takes seconds to become a member. Lending Network was created and launched as a mortgage, real estate, and credit information center for the general public to utilize it as a loan scenario help desk online community forum.

Poll: Was this thread helpful?
Yes it was very helpful
No, it was not helpful
[Show Results]
 
 
Thread Rating:
  • 1 Vote(s) - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Risks involved with co-signing
#1
Co-signing for a family member, relative, or close friend is a wonderful thing to do but it does come with risks. If the person you have co-signed for does not pay his or her bills and gets reported late on their credit report, it will also be reported late on your credit report as well. One recent late payment can drop your credit scores by at least 60 or more points and will take you months if not years for that drop in credit scores to go back up to where it was. A judgment due non-payment can reflect on your credit report as well too if the person that you have co-signed for gets a judgment due to not paying the bill or debt obligations. When co-signing for a family member, relative, or friend, make sure that they will be financially responsible and pay for the debt obligations that you have co-signed for. If they do not have a steady source of income where you forsee that they will have trouble with making the payments, it may be best not to co-sign and avoid future hard feelings.

 
Reply
  


Forum Jump:


Browsing: 1 Guest(s)