needhelp01
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Joined: 07 Aug 2006
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| Co-Signs? |
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Lets say I have good credit and make good money. Someone asks me to co-sign for their loan and I say yes and co-sign for it. Now, if I want to go get a loan out for myself...for lets say a small boat or something...can I still get a loan even though my signature is on another family members loan?
In other words, if I would of easily got approved for the loan for a boat without having co-signed for someone elses loan, could I still easily get it after I co-signed for someone?
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Mon Aug 14, 2006 9:33 pm |
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foxi$
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| NOW WHAT |
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IF YA CO SIGN MESS UP YA CREDIT BE CAREFUL WHO COULD OF BEEN THE ONE AT THE TOP LOOK ASK BEFORE U DO ANY ONE ANY FAVORS LOL I ROCK MY BOAT IF I HAD MORE FRIENDS LOL I KNOW NOW THEN I HAVE NO ONE LOOKING AT ME IF I UP HIGH ROCKING MY WORLD U FOLLOW YA INSIGHTS WISDOM YOU KNOW WHO RESPONSIBLE FOR THAT CREDIT YOU ARE IF THERE NOT ABLE TO PAY IT BACK LOL BE WISE !!! ROCKON
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Tue Aug 22, 2006 8:37 pm |
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lpstong
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Location: California
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Becareful of co signing. I co signed for someone who eventually stopped making the payments. He turned the car back in to the car lot and had a charge off. I didnt know this till I had a credit report come in and the charge off showed up on the report.
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Tue Aug 22, 2006 8:54 pm |
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UrCredit5
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Co-signing will put you in the same 'boat' as the person you are co-signing for. So if you do co-sign for someone, it would make a negative impact on you getting approved for another loan for your personal needs/wants. Not saying that you won't get approved if you do co-sign for someone else, but it would put another financial obligation on your credit report in which a potential lender would not find attractive, and may turn out to be reluctant on giving you another financial obligation.
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Wed Sep 13, 2006 8:39 pm |
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Greer
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Location: Gold Coast
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I guess it depends on how the repayments are going on the first loan that you cosigned for, and of course your previous credit history. If these payments are going well and are all on time then you are much more likely to be approved.
You will need to keep an eye on this if the other person is the one who is in charge of making the payments for the first loan. If they fall behind this could really have a negative effect on your credit score.
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Thu Dec 10, 2009 1:22 am |
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