Valued Contributor
IOBA
Posts: 2,658
Registered: ‎08-13-2009
Re: Never co-sign a loan. Never, ever ever.

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.....