2006-09-28 14:42:08 · 12 answers · asked by John G 5 in Business & Finance ➔ Credit
Absolutely. Not only will the creditor look to you for payment if the other person doesn't pay the bill, they (the creditor) will also report the delinquency (if you don't pay) to the credit bureaus. This could mean you pay higher interest on loans and credit cards, or could even prevent you from obtaining credit. NOT a wise decision or situation to get involved in!!
2006-09-28 14:54:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, you would be financially responsible if that person doesn't pay the bill. The person that needs the co-signer either doesn't have any credit history or has a bad credit history. If they need a co-signer because they haven't been financially responsible, DON'T DO IT!!! Protect your own credit. If the bill is too high for you to pay if they didn't, definitely DON'T DO IT!
2006-09-28 22:37:50 · answer #2 · answered by femaleofvirtue 1 · 0⤊ 0⤋
Yes, that's why they get a co-signer. The person applying for the loan isn't financially qualified to get the loan on thier own so someone else co-signs stating they will pay the loan if the person defaults. You should never sign for anyone unless you completely trust that they are responsible and financial able to pay for the loan. Good Luck
2006-09-28 21:51:16 · answer #3 · answered by gymfreak 5 · 0⤊ 0⤋
A co signer is a co applicant. Read the fine print. It's your debt as much as the other persons.
Something you should have asked before signing :-(
I'm sure your intentions were good.
2006-09-28 21:56:42 · answer #4 · answered by Cinderella 4 · 0⤊ 0⤋
Yes indeed. Don't sign for someone else's credit. There is a reason they can't get credit on their own and it's because....they are a RISK.
2006-09-28 22:41:54 · answer #5 · answered by ? 2 · 0⤊ 0⤋
yes but you can go back to the bank you got it from and tell them if you split up for any reason the bill will be halved just like a pre nup its happening a lot , hope this helps , "B"
2006-09-28 21:53:10 · answer #6 · answered by buster 2 · 0⤊ 0⤋
Yes you are and not only are you responsible, if they don't pay, it affects your credit rating.
2006-09-28 21:51:27 · answer #7 · answered by starting over 6 · 0⤊ 0⤋
DOn't co-sign anybody...especially family.
2006-09-28 21:49:15 · answer #8 · answered by NotComingHome 2 · 0⤊ 0⤋
Yep.
2006-09-28 22:37:27 · answer #9 · answered by troythom 4 · 0⤊ 0⤋
That's the point.
2006-09-28 21:49:33 · answer #10 · answered by Anonymous · 1⤊ 0⤋