From the article: Why You Shouldn't Co-Sign For Someone Else
When a friend or family member asks you to co-sign, the loving part of you tells you there's nothing wrong with it, that you should do it. Too often, co-signing ends in disaster and most often for the person who co-signed. Did you co-sign for someone and get screwed over? Share Your Story. Tell Your Story
closer the family the harder the sting!
- I co-signed for my sister.. she had a judgement against her and they didn't want her name in it at all. I was in the position to help, I had good credit, so I signed and got her a car. Shortly after she applied for another car with another cardealer to put a car in HER name. Well she got it, and walked out on any responsibility with the car I got her... it was repo'ed and everything in my life was repo'ed with it. AND THENNN she bought my moms van for a BUCK and traded the van and the car she had bought that time, for a brand new van .. so here I am walking because of a bankruptcy I feel forced into and she is driving a brand new dodge van. She always hated to even lend me a vehicle. Even when she had the chance to help me she wouldn't even try. I paid the ultimate price for helping her when she needed it. This is what it got me. 7-10, no parole..lol, well things could be worse I guess,looks like I will be walking right up to my discharge date a few months from now! never again! EVER
- —Guest Peter
Completely Inaccurate
- This is a disgusting over-generalization! And due to this horrible over-generalization, I am currently totally unable to build any type of positive credit history and therefore cannot get a credit card. No bank or credit card company will give me my first card, just because I don't make a lot of money. I have never not paid my rent on time, and have obviously never been in debt (that would be impossible...I've never even been given the opportunity). I have no clue how to start building a credit history, and this is a major problem! I am almost 30, a full time student with no student loan. I was not even approved for a loan actually! Thankfully I was approved for a few grants though which seems to be enough as long as I stay in a community college and don't take very many courses at a time. I recently tried applying for a student credit card and my application was declined again. Co-signing with a family member is the only option I may have. This is an incredibly stupid situation!!!
- —Guest H
Parents Co-Signing Nightmare
- When I was 18, I co-signed a loan for my parents out of guilt, because they needed help to pay off a debt. I thought they'd make the payments. Now I'm 24 years old and started looking for a home to buy, so I decided to check on my credit only to find out that the loan had been charged-off. I really dont know what to do, so if anybody has any advice i would gladly apprdiate the advice.
- —Guest Guest Tony
Burnt by Family Member
- My son did not make credit card payments. I paid the balance in full, cancelled card, and the bank sent him another card! Now I'm being sued for more charges.
- —Guest c.morris
Responsibility With No Benefits
- No kidding! I did this once, with my fiance, Richard, to refinance the mortgage on his house. But nobody told us he should also put the house in my name – and we turned down life insurance on the loan. He died suddenly a month or two later, and there I was! He had no will, so I couldn’t even inherit the house. Fortunately, his brother, who was next-of-kin, respected what Richard would have wanted; he had the house sold and the debt paid from the proceeds.
- —Guest Marcia
