Regular Contributor
tammyjk
Posts: 161
Registered: ‎02-17-2011
Re: Never co-sign a loan. Never, ever ever.

I have worked very hard on my credit and just put in an offer on a new home.  My bf and I have lived together for 8 years now, but the home will be in my name alone.  Sometimes with age does come wisdom....We plan on getting married AFTER the home purchase.  He also needs a newer vehicle and has terrible credit.  I refuse to co-sign but I will purchase it in my name.  If anything happens and we go our seperate ways, I can always get the vehicle back.  In the mean time, I am helping him to improve his credit.  I did put him on some of my credit cards and that has helped because he had almost no credit.  I have learned the hard way that married or not you could end up in trouble if things go bad.  NEVER CO-SIGN.  And be darn carefull about joint credit as well. 

 

There are so many threads about divorced people ending up with the mortgage and the other spouse ending up with the home....myself included.  I got the home :smileytongue:  Luckily for my ex, I made all the payments on time.  

March 2011 FICO® ~ 595 TU, 605 EQ, 525 EX
Aug 2012 Lender pulls: 702 TU, 667 EQ, 660 EX