Re: Never co-sign a loan. Never, ever ever.
04-12-2012 07:16 PM
tonyaether - for my previous x's (this goes for anyone I dated), the answer is NO. Why? Mainly becuase of our major differences in the financial attitudes we had. My current SO - yes. I have actually co-signed on a personal loan. The purpose of the personal loan - to raise his score and add to his mix of credit. The unspoken agreement (we talk with our minds, so the whole out loud thing doesn't have to happen often) was I would receive the money and I would make the payments back to the CU. The money was DD into our joint account and paid back within 30 days. I let it report once. Done.
Now if any of the kids asked. Uh, no. I have led by example, sometimes working 3 jobs to provide. I have driven cars that announced my arrival well in advance. The mortification of having to drive those few cars was enough to push me into working another job to get a decent car faster.
Each circumstance is different and I would definitely listen if someone asked me.....