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sl8erson | Cosigner on loan? |
Over the past 3 years my sister has asked me to cosign on 3 different loans for her. I cosigned for the first two but am trying to decide on whether I should for the third. I am in debt myself and financially speaking the only good thing I have is my credit. I am at an age where I will start thinking about home ownership and it is important that my credit isn't affected. Is simply BEING a cosigner something that can affect my credit adversely? I really wish she had someone to go to other than me.
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I really appreciate your feedback. |
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$m¤¤v¥ £¤¢¤
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It surely can. Just being on the note alone, not only gives the creditors a "fall guy" in the event your sis doesn't pay it off, but it can affect your debt-to-income ratio as well. I've been in the same boat where I co-signed for some relatives. The only good thing is that if the person you've co-signed for is really good for it, it is a way to boost your score by having positive credit history, so it's a win-win situation. But if they're not responsible, it's a lose-lose situation. My advice is to be firm, but explain to your sis that you can't always bail her out. It may hurt, but it definitely beats being hurt behind bad credit |
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Kaia
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If she defaults on the loans, they go after you for the payment of those loans. This shows up on your credit. If she's a late pay, since you're equally responsible, this shows up on your credit.
So, if she needs a cosigner, than I'm thinking cosigning for her is not a great idea.
You may want to reconsider. |
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STEVEN F
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Definition of Co-signing: Your sister was turned down. The bank is willing to loan YOU the money and give HER the check. By asking for a co-signer, the bank is telling you they believe she WILL default. WHEN she defaults (not if), YOU owe the money. |
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bigmissle
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Ok, the only way it can adversely affect your score is if she defaulted and the payments were to fall back on you and YOU didn't make them. Co-signing legally binds to the debt if your party defaults.
If she has a good history of repaying those loans, then it can make your score better. If she is late, it can also reflect on you as well.
Personally, I would only do it if you are in position financially to carry her burden should she fail to do so. |
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SPIFIMAN1
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I agree with Kaia. You may want to reconsider. If after two other loans your Sister still needs a co-signer something is wrong. |
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kissmymiddlefinger
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Tell her no!
This is your SISTER not your mother.
why are you afraid to tell her no.
Tell her that you have already done it twice and that you cant do it this time.
Twice is two more times than I would have done it for my sister.
When my mom went to cosign my first car for me (NO credit at all) the car salesman told her "mama I would not cosign for my own mother, are you sure you want to do this?") Mind you this guy was trying to sell me a car but wanted to make sure she knew how serious it was!
By the way, "NO" is a complete sentence.
once you say no, dont let her talk you out of it.
If she asks you why 'Sorry I just cant do it'.
THATS IT!
Since you have done it twice, it is going to be harder but it must be done. if you dont stand up now, you will be back on here requesting help for loan 25 that she is requesting.
Decide it ended with loan number two and mean it.
Rather you take her anger now than resent her later for helping you to qualify for less of a house or a worse car.
She made some poor decisions.
you tried to help
dont make her problems yours
she needs to stay within her means or find a different route PERIOD
after two loans there is a reason that the banks dont trust her
neither of us knows what that is
YOU got lucky twice
dont push it |
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golferwhoworks
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Kaia is correct butthese loans also show up on your credit as well. If you are thinking of buying a home in the future then ask her to re-finance the notes you have already done. Else they will or can go against your income when buying a home and you can qualify for far less home than on your own.
Mortgage banker in TN &KY |
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sexytrojan
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You can always say no.
I assume that she is in good standing with her debts, since she is getting her 3rd loan. That reflects well on your credit.
However, because she is getting a 3rd loan, she may be getting over her head. You will be responsible for those payments.
Also, think about this: why is this her third loan and why does she still need a cosignor? |
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Mandy43110
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By cosigning a loan for your sister if she defaults on the loan then the bank will come after you for payment.
Yes, cosigning can affect your credit. If she has been faithful to make the payments on her 2 previous loans then I would say go ahead but tell her you won't do it again. If she hasn't been faithful to pay the other loans then tell her "No" because she already caused dings on your credit record. |
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