Co-Sign and Past History

[Bcunniff9]

I'm planning on asking my Dad to cosign for a car that I need badly. Yes I NEED a car, I hit a deer and totaled the last one. But I have a two CO's, and one collection account on my report with 5 random lates in the last three years. Will my history come into question when my dad cosigns? The reason why I'm asking is because my parents dont know about my bad credit history. I'm in the process of cleaning up my reports, but the Collection is still an open account that hasnt been resolved yet. Any insight would be appreciated.

[MarineVietVet]

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@Bcunniff9 wrote:

I'm planning on asking my Dad to cosign for a car that I need badly. Yes I NEED a car, I hit a deer and totaled the last one. But I have a two CO's, and one collection account on my report with 5 random lates in the last three years. Will my history come into question when my dad cosigns? The reason why I'm asking is because my parents dont know about my bad credit history. I'm in the process of cleaning up my reports, but the Collection is still an open account that hasnt been resolved yet. Any insight would be appreciated.

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If you're going to ask your father to assume co-responsiblity for a rather large debt then he deserves to know why you need a co-signer to begin with. You owe him that much in my opinion.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[Anonymous]

Tell him everything. If you try to hide this from your own father to get him to be financially on the hook for you you could do more to hurt your life then walking would do. If he does consider it after you tell him everything and show him a budget that shows realistically what kind of money you have left to pay a car payment every month then find the cheApest used car that you can find with a very short term loan. Do not ask him to buy you a new car that you want - but soemthing small and cheap and used that will function. Mydaughtrs boy friend got his parents to co-sign a 30k loan that he defaulted on in less than a year. They are stuck - he had had an accident that he hid from them so the car is damaged and worth less then half what the parents now owe on it. Sadly this is the way most co-signs work out. Stay honest humble and.have low expectations in what you want fir now