2006-08-01 09:59:07 · 5 answers · asked by WILLIAM C 1 in Business & Finance ➔ Personal Finance
Yes, a cosigner takes the responsibility of paying the bank (or loan company) if you fail (default) in your payments.
2006-08-01 10:03:19 · answer #1 · answered by Arnold M 4 · 0⤊ 0⤋
1
2016-09-28 01:46:39 · answer #2 · answered by ? 3 · 0⤊ 0⤋
A co-signer will help in you getting a loan. But if you have poor credit, why would someone with Excellent credit help you out?
The most important thing is that you are able to pay back $5,000. After you pay all your bills every month, do you have between $100 - $500 a month left over to pay back this loan? If not, I'd advise you not to take out the loan.
Good luck!
2006-08-01 10:11:38 · answer #3 · answered by nochickenhead 2 · 0⤊ 0⤋
I have platinum credit and i would not co-sign for my mother . If you default the co signer is responsible for all late fees , principal and interest . No way would i ever risk my platinum credit for anybody but it is no guarantee if you sucker some one with great credit to co-sign cause they look at you as well . If your credit is really bad Jesus Christ could co-sign and you will be rejected
best idea is clean up your own credit and then get the loan yourself and do not put a friend at risk .
2006-08-01 10:40:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Of course it will help, but it doesn't guarantee you will get approved. The question is how poor is your credit, how have you done with similar accounts in the past, how is your debt to income ratio, and what are you really going to spend the $5000 on.
2006-08-01 10:05:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋