2006-11-14 00:23:37 · 5 answers · asked by gilly.marie 1 in Business & Finance ➔ Credit
yes it does. Also, if they end up not paying or filing bankruptcy on it you are stuck with it.
2006-11-14 00:31:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Absolutely...shows on your credit report as a debt, just as it would if it were your own loan. Also, the payment history shows on your report, if the person you co-sign for becomes deliquent in their payments..it will have a negative affect on your credit report. Also, it will affect your debt to income ratio.
I'd be very cautious co-signing for anybody. Especially if you have any doubt that they will make timely payments!
2006-11-14 00:29:14 · answer #2 · answered by Shelly B 5 · 0⤊ 0⤋
yes,it does effect ur credit report depending on the amount of money you loan someone
2006-11-14 00:33:33 · answer #3 · answered by ? 1 · 0⤊ 0⤋
Not only does it effect your credit, in some states, it can be a personal liability if that person gets sued. Be very very careful.
2006-11-14 00:37:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It sure does. Make sure they make payments on time because they will report on your credit report!
2006-11-14 02:07:41 · answer #5 · answered by jessigirl00781 5 · 0⤊ 0⤋