Just a quick post coming from someone that has co-signed twice and gotten burned twice. Shame on me for not learning my lesson the first time. If you co-sign for someone, you assume the same level or responsibility for that debt that they the primary does. The account lands on your credit report the same way it does theirs. If they stop making payments, those late payments land on your credit report and you're responsible for the debt just as they are.
This probably happens most commonly with family members and significant others, but I'm sure there are examples as well of friends co-signing etc. It's not worth ruining one of these relationships if things take a wrong turn, so just don't get involved. It's better to have a mini battle up front to the tune of "I understand where you're coming from, but I just don't co-sign / it's not something I'm comfortable doing" and not get involved rather than a major possibly relationship-ending battle if it doesn't go well.
If I had a top 10 list of my biggest credit-related regrets, looking back the 2 times I co-signed for others would be extremely high up the list, if not at the top.
If anyone would like to share some co-signing horror stories feel free to do so!
Submitted December 21, 2022 at 10:52PM by BrutalBodyShots https://ift.tt/KgCfWwB
