My best friend needs a co-signer to get a credit card. Will I end up being responsible for any of the debts she had BEFORE this? I love and trust my friend but we are both in unchartered territory.
2006-11-01 17:43:24 · 10 answers · asked by Anne Marie P 1 in Business & Finance ➔ Credit
You would only be responsible for the account you sign for as a co-signer.
Is there any way, though, your friend could sign up for a "bad credit" credit card, which starts with some fees and low limit but which increases the limit regularly if the payments are made on time? (Aspire and Imagine are two that automatically increase the limit.)
Or else, could your friend sign up for a secured card (put money in up front and rebuild credit by using it properly)?
Normally - and as far as I know - you would be added to the credit card account as a joint account-holder. I think you should think a really long time before you do this because no matter how much your friend may plan to manage the card wisely things do go wrong - and you could end up with being responsible
If you do a search for secured, partially secured, or bad-credit/beginner credit cards you should come up with some people who may consider giving your friend a credit card as long as your friend as the income each card requires (which is pretty low - like $1000 a month or $1200 a month). If he/she doesn't have that much each month the chances that a "mishap" will occur are high, so, again, you should think carefully about doing this.
People with bad credit rebuild their credit all the time by themselves and without a "co-signer".
2006-11-01 17:57:43 · answer #1 · answered by WhiteLilac1 6 · 0⤊ 1⤋
No you won't be responsible for previous debts, only the card you sign for. BUT DO NOT DO IT
Trust takes a long time to build and BAM in 1 second it could be gone and you could wind up with all of your friends debt
2006-11-01 17:52:57 · answer #2 · answered by gallow 5 · 1⤊ 0⤋
No just incurred through the use of the card if she falls into default. Legally this is a big nono, you should never get credit cards or phones for anyone. She could pay of her previous debt with the credit card then you'd be stuck with it. Either way its a line you shouldn't cross with friends. Credit cards arent neccesary.
2006-11-01 17:53:36 · answer #3 · answered by Josh V 3 · 0⤊ 1⤋
You do not responsible for any other debt except for the credit card you co-signed for him. You are fully responsible for the money he owes in this card. If he does not pay. The credit card company can go after you for the money.
If you treasure your friendship, avoid it. Even wife and husband fight about money.
2006-11-01 17:52:49 · answer #4 · answered by Anonymous · 0⤊ 1⤋
yes, you going to be responsible for a credit card debts.
we all in some point have to trust people and we do things for them and they do things for us. if you want to co-sign the credit card for her, after 6 mts try to remove her name from your credit card, because she should get her own credit card after a couple months of timely payments.
i co-sign for my friend, but i don't let my friend to use this credit card. she only need my good payment history to built her credit. be carefully.
2006-11-02 13:02:30 · answer #5 · answered by bianca 4 · 0⤊ 1⤋
Do not co-sign for another person's card. Never. I beg you for your own good. I am dead serious. It will come back and bite you bad, and you will lose your friendship and credit status and wish you never heard of credit cards.
2006-11-01 17:51:08 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Not a good idea to co-sign with friend or family. I don't think you would be liable for anything more than what you co-signed.
If you feel you must help, co-sign a small loan; no more than you can afford to pay yourself and remain friends.
2006-11-01 17:53:05 · answer #7 · answered by howdigethere 5 · 0⤊ 1⤋
You are only responsible for the debt unit you sign yourself to.
2006-11-01 17:55:17 · answer #8 · answered by Anonymous · 0⤊ 1⤋
you won't be responsible for any debt's before you sign. however,you will be if she doesn't pay accordingly.
2006-11-01 17:54:11 · answer #9 · answered by buckbuchanan99 2 · 0⤊ 1⤋
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2006-11-01 18:09:26 · answer #10 · answered by Anonymous · 0⤊ 1⤋