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Best friend asked me to co-sign, not happening

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rmduhon
Valued Contributor

Best friend asked me to co-sign, not happening

She wants to refinance her car but her credit isn't all that good. She wasn't too happy when I told her not because of her past history on making the payments (multiple lates up to 120 days). But I just got mine and my hubby's credit clean and I'm not about to let it get screwed up again. I'm helping her rebuild and have gotten her scores up about 50 points.
Message 1 of 22
21 REPLIES 21
Anonymous
Not applicable

Re: Best friend asked me to co-sign, not happening

Good call.  Helping them with points on rebuilding is good friendship.  Mixing money in the game is way too risky for you, and for the friendship.

 

People can find used cars around $1500-$2500 with a LOT of life left on them, and they will work for the sole purpose of getting from A to B.  It takes work and patience but she can get a nice used car to drive for the next 1-2 years while she rebuilds.

Message 2 of 22
TheVig
Regular Contributor

Re: Best friend asked me to co-sign, not happening

Yep. Good call. I have zero sympathy for cosigners.
Message 3 of 22
Anonymous
Not applicable

Re: Best friend asked me to co-sign, not happening

Glad you decided to use the word "NO" on cosigning! It is too risky even among the people we trust. Friendship, family and money don't mix!
Message 4 of 22
rmduhon
Valued Contributor

Re: Best friend asked me to co-sign, not happening

As much as I hate to say it, I'd co-sign for her husband first. Not that I'm going to.
Message 5 of 22
Chadsnana
Valued Member

Re: Best friend asked me to co-sign, not happening

Good for you! Besides being on the hook, it will affect your credit score. Besides protecting your credit and finances, you are helping you friend by saying no.

http://ficoforums.myfico.com/t5/image/serverpage/image-id/2760iB9166C1A493A3CBC/
Message 6 of 22
Anonymous
Not applicable

Re: Best friend asked me to co-sign, not happening

Good for you, rmduhon. That has to be a hard conversation to have, and hard to say no, but you made a wise decision. I actually have been predicting that I will have to have a conversation like this at some future point. Your strength has encouraged me to stand resolute when it happens. Smiley Happy

Message 7 of 22
rmduhon
Valued Contributor

Re: Best friend asked me to co-sign, not happening

She had been hinting at it for a while and finally asked. She said she has autopay setup for it now and I asked why she didn't do that in the first place.
Message 8 of 22
Anonymous
Not applicable

Re: Best friend asked me to co-sign, not happening


@rmduhon wrote:
She had been hinting at it for a while and finally asked. She said she has autopay setup for it now and I asked why she didn't do that in the first place.

Wow! Did she have an answer?

Message 9 of 22
tcbofade
Super Contributor

Re: Best friend asked me to co-sign, not happening

I don't co sign for my children, I certainly am not going to co sign for a friend.

 

Which is not to say that I won't help a kiddo with a car or dollars, but I'm not co signing anything. 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 10 of 22
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