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Best friend asked me to co-sign, not happening

Community Leader
Valued Contributor

Re: Best friend asked me to co-sign, not happening

I have decided that if someone wants me to co-sign for them there are some rules.
1. I have to be able to afford the note.
2. The title will be in my name until it's paid off.
3. Any correspondence comes to me.
4. They have to give me the money a week before it's due so that I know the payment was made.
5. If I don't have the money when it's due to me the vehicle is mine.

Not too many people would want to do it like this but that's the only way I'll co-sign
Valued Contributor

Re: Best friend asked me to co-sign, not happening

Those are awesome rules! Should deter all but those who are serious about making payments. Smiley Happy

Current Scores------ EQ 681; TU 650; EX 687 FICO 08--- Gardening from 09/07/17 until "Winter is Over"
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015

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Community Leader
Super Contributor

Re: Best friend asked me to co-sign, not happening

Good decision.  I did it for a friend in 2008 and it was the worst decision ever.  You refusing is also a good way to preserve your friendship.

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Established Contributor

Re: Best friend asked me to co-sign, not happening

Good call!


Gardening Through 01/31/18 - 11/04/17 F8 Scores EQ 736 TU 739 EX 736
New Contributor

Re: Best friend asked me to co-sign, not happening

Ironically, this is one of the "problems" with improved credit. A couple years ago, no one who knew me would have bothered asking me to co-sign. I'm still safe for now, I think, but higher scores are forthcoming soon, so I'm sure the harpies will all present themselves.
Today's spearhead is tomorrow's rear flank.
Contributor

Re: Best friend asked me to co-sign, not happening


EpicSwoleness1 wrote:
Ironically, this is one of the "problems" with improved credit. A couple years ago, no one who knew me would have bothered asking me to co-sign. I'm still safe for now, I think, but higher scores are forthcoming soon, so I'm sure the harpies will all present themselves.

How will they know your score?



Equifax - 644
TransUnion - 641
Experian - 639
New Contributor

Re: Best friend asked me to co-sign, not happening

I wouldn't actually tell anyone my score, but I can't help but feel lighter and more confident overall with improved credit. A lot of people pick up on these changes and often they attribute them to good financial footing. Of course, I may just be extremely paranoid. But that might just be because of all the ninjas in my front yard.
Today's spearhead is tomorrow's rear flank.
Frequent Contributor

Re: Best friend asked me to co-sign, not happening

+1 on this. It seems like people can smell when you've got your stuff together.  Smiley Sad

FICO 8:  EQ:687  TU:728  EX:735
Valued Contributor

Re: Best friend asked me to co-sign, not happening

My dad cosigned for me on sereral occassion, my first CC and a couple cars. I never let him down.  I wouldn't cosign a friend and certainly not my brothers or sisters. I had too much respect for my dad though and I made sure I did well.. These are always tough dcisions..

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FICO® 8 Scores 790+
New Visitor

Re: Best friend asked me to co-sign, not happening

Never get in touch with your friends on financial matters, otherwise get ready to lose a friend.