co-signer

[MsTucker09]

I have a question about using a co signer, someone who has a history of car loans (no real credit history) offered to co sign since I dont have any auto history.  my question is would it be better to have someone co sign who has not such a good score but they probably have a good auto enhanced score or to just try it on my own?

[Cloudlb]

Co-signing is always a bad idea .. . for the co-signer. 

[MsTucker09]

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@Cloudlb wrote:

Co-signing is always a bad idea .. . for the co-signer. 

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well thats not an issue, the question was if I should use a co signer with a better auto enhanced fico score but worse overall scores......not all people screw over the people that co sign for them.  Some are appreciative and have good relationships with the co signer.  SO please only answer the question that was asked.  No sidebar needed.  Thank you

[UpNComing]

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@Cloudlb wrote:

Co-signing is always a bad idea .. . for the co-signer. 

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I disagree.

[Anonymous]

My wife and I just bought 2 VW's the same day.  I co-signed hers and got hit with both loans taking my Credit Score down significantly.  I think co-signing is admirable, and helpful for those who need to build credit, but the co-signer is just as liable and will count as a loan.

[UpNComing]

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@MsTucker09 wrote:

I have a question about using a co signer, someone who has a history of car loans (no real credit history) offered to co sign since I dont have any auto history.  my question is would it be better to have someone co sign who has not such a good score but they probably have a good auto enhanced score or to just try it on my own?

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Thats a good question.   It depends on the rest of the credit history of both.  The one with less history, can you offer more insight?

[MsTucker09]

upncoming I cant be sure but I think he is an AU on a few accounts and might have a couple credit cards himself but nothing extensive....before he got his current car loan, he had very thin credit profile

[UpNComing]

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@MsTucker09 wrote:

upncoming I cant be sure but I think he is an AU on a few accounts and might have a couple credit cards himself but nothing extensive....before he got his current car loan, he had very thin credit profile

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You're better off with the signer with more history and lower score.  The other most likely won't get you an approval.

[MsTucker09]

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@UpNComing wrote:

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@MsTucker09 wrote:

upncoming I cant be sure but I think he is an AU on a few accounts and might have a couple credit cards himself but nothing extensive....before he got his current car loan, he had very thin credit profile

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You're better off with the signer with more history and lower score.  The other most likely won't get you an approval.

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im sorry upncoming, I am the person with more history sub par scores (but im working on it will be at my goal by end of april), he just has an auto loan and I wanted to know if it was worth it to see if I could get a better interest rate with someone with an auto enhanced score....and I believe a co signer is a blessing, we all get into financial binds and everyone deserves a second chance, plus my family knows that I am the last person they would have to worry about screwing them over.

[UpNComing]

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@MsTucker09 wrote:

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@UpNComing wrote:

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@MsTucker09 wrote:

upncoming I cant be sure but I think he is an AU on a few accounts and might have a couple credit cards himself but nothing extensive....before he got his current car loan, he had very thin credit profile

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You're better off with the signer with more history and lower score.  The other most likely won't get you an approval.

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im sorry upncoming, I am the person with more history sub par scores (but im working on it will be at my goal by end of april), he just has an auto loan and I wanted to know if it was worth it to see if I could get a better interest rate with someone with an auto enhanced score....and I believe a co signer is a blessing, we all get into financial binds and everyone deserves a second chance, plus my family knows that I am the last person they would have to worry about screwing them over.

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Oops.  Well then you are the better candidate for him IMHO    Lack of credit history would be much more challenging.