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Valued Contributor
Posts: 2,242
Registered: ‎08-25-2016

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
Posts: 1,477
Registered: ‎06-13-2016
0

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 691; TU 653; EX 682 FICO 08---------------- Gardening until 07/07/18
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015

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Super Contributor
Posts: 14,622
Registered: ‎11-11-2014
0

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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New Contributor
Posts: 115
Registered: ‎07-03-2017
0

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

Good call!



myFICO Baseline Stat: 07/07/17
EQ 707 TU 694 EX 700

Update 07/14/17
EQ 735 TU 720 EX 716 Goal: 750 Trifecta!




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Established Member
Posts: 36
Registered: ‎07-06-2017
0

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.
Established Member
Posts: 155
Registered: ‎06-21-2017
0

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?

Established Member
Posts: 36
Registered: ‎07-06-2017

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.

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