cancel
Showing results for 
Search instead for 
Did you mean: 

Best friend asked me to co-sign, not happening

tag
rmduhon
Valued Contributor

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

I have decided that if someone wants me to co-sign for them there are some rules.
1. I have to be able to afford the note.
2. The title will be in my name until it's paid off.
3. Any correspondence comes to me.
4. They have to give me the money a week before it's due so that I know the payment was made.
5. If I don't have the money when it's due to me the vehicle is mine.

Not too many people would want to do it like this but that's the only way I'll co-sign
Message 11 of 22
Anonymous
Not applicable

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

Those are awesome rules! Should deter all but those who are serious about making payments. Smiley Happy

Message 12 of 22
Anonymous
Not applicable

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

Good decision.  I did it for a friend in 2008 and it was the worst decision ever.  You refusing is also a good way to preserve your friendship.

Message 13 of 22
Anonymous
Not applicable

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

Good call!

Message 14 of 22
Anonymous
Not applicable

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

Ironically, this is one of the "problems" with improved credit. A couple years ago, no one who knew me would have bothered asking me to co-sign. I'm still safe for now, I think, but higher scores are forthcoming soon, so I'm sure the harpies will all present themselves.
Message 15 of 22
Anonymous
Not applicable

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


@Anonymous wrote:
Ironically, this is one of the "problems" with improved credit. A couple years ago, no one who knew me would have bothered asking me to co-sign. I'm still safe for now, I think, but higher scores are forthcoming soon, so I'm sure the harpies will all present themselves.

How will they know your score?

Message 16 of 22
Anonymous
Not applicable

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

I wouldn't actually tell anyone my score, but I can't help but feel lighter and more confident overall with improved credit. A lot of people pick up on these changes and often they attribute them to good financial footing. Of course, I may just be extremely paranoid. But that might just be because of all the ninjas in my front yard.
Message 17 of 22
805orbust
Valued Contributor

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

+1 on this. It seems like people can smell when you've got your stuff together.  Smiley Sad



Message 18 of 22
mitchblue
Valued Contributor

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

My dad cosigned for me on sereral occassion, my first CC and a couple cars. I never let him down.  I wouldn't cosign a friend and certainly not my brothers or sisters. I had too much respect for my dad though and I made sure I did well.. These are always tough dcisions..

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)
Message 19 of 22
Anonymous
Not applicable

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

Never get in touch with your friends on financial matters, otherwise get ready to lose a friend.

Message 20 of 22
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.