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Best friend asked me to co-sign, not happening

Community Leader
Valued Contributor

Best friend asked me to co-sign, not happening

She wants to refinance her car but her credit isn't all that good. She wasn't too happy when I told her not because of her past history on making the payments (multiple lates up to 120 days). But I just got mine and my hubby's credit clean and I'm not about to let it get screwed up again. I'm helping her rebuild and have gotten her scores up about 50 points.
Message 1 of 22
21 REPLIES
Valued Contributor

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

Good call.  Helping them with points on rebuilding is good friendship.  Mixing money in the game is way too risky for you, and for the friendship.

 

People can find used cars around $1500-$2500 with a LOT of life left on them, and they will work for the sole purpose of getting from A to B.  It takes work and patience but she can get a nice used car to drive for the next 1-2 years while she rebuilds.

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Message 2 of 22
Contributor

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

Yep. Good call. I have zero sympathy for cosigners.
Message 3 of 22
Super Contributor

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

Glad you decided to use the word "NO" on cosigning! It is too risky even among the people we trust. Friendship, family and money don't mix!
Starting Score: 802
Current Score: 821
Goal Score: 850


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Message 4 of 22
Community Leader
Valued Contributor

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

As much as I hate to say it, I'd co-sign for her husband first. Not that I'm going to.
Message 5 of 22
Valued Member

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

Good for you! Besides being on the hook, it will affect your credit score. Besides protecting your credit and finances, you are helping you friend by saying no.

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Message 6 of 22
Valued Contributor

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

Good for you, rmduhon. That has to be a hard conversation to have, and hard to say no, but you made a wise decision. I actually have been predicting that I will have to have a conversation like this at some future point. Your strength has encouraged me to stand resolute when it happens. 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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Message 7 of 22
Community Leader
Valued Contributor

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

She had been hinting at it for a while and finally asked. She said she has autopay setup for it now and I asked why she didn't do that in the first place.
Message 8 of 22
Valued Contributor

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


rmduhon wrote:
She had been hinting at it for a while and finally asked. She said she has autopay setup for it now and I asked why she didn't do that in the first place.

Wow! Did she have an answer?

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

Take the myFICO Fitness Challenge
Message 9 of 22
Senior Contributor

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

I don't co sign for my children, I certainly am not going to co sign for a friend.

 

Which is not to say that I won't help a kiddo with a car or dollars, but I'm not co signing anything. 



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 10 of 22