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Posts: 2,655
Registered: ‎06-05-2008
Re: Never co-sign a loan. Never, ever ever.

tonyaether wrote:

I was just about to post  a question on this topic then I saw this post....ahh the dread.  So would anyone co-sign for a spouse?  I have always said absolutely not when approached by my DH on the topic.  However, now I am just confused on whether I am being a bad wife by not doing so.  The thought is now crossing my mind again. 


My wife and I live in California, so we are allowed to apply seperately.  I manage the money and loan apps as I am the OCD one...  but we use both of our credit.  Typically for credit cards we never go joint, just one applies, and makes the other an AU.  For mortgage we used joint because we wanted the income, and both our names.  For the car loans, we used my higher score only.

 

Back when I got my motorcycle, we used her as my cosignor.

 

I guess our stance is keep it seperate unless otherwise necessary.  Mainly because if we ever end up in dire financial straights, we can stop paying on the items on one credit report, without it affecting the other.  Hope it never happens, but it's nice to have a fallback position just in case.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL