I have great credit and are looking to help a family member who made some mistake in college rebuild her credit by cosigning on a credit card for her. Does anybody know how I go about doing this? Every line of credit I have had never needed/asked for a co signer so I am not sure.
2007-06-07 12:35:12 · 7 answers · asked by neversummer187 2 in Business & Finance ➔ Credit
DON'T YOU EVEN THINK ABOUT IT.
Give them as much advice and encouragement as possible but do NOT let them have access to your most precious FICO score only to violate your trust and your ability to get the credit in the future.
Help them get a secured card instead and GIVE THEM THE MONEY FOR THE DEPOSIT.
That way, if they screw things up, your FICO is in tact and you gave them exactly what you could afford to lose.
Please do not let your love your family compromise your stability in the short term.
2007-06-08 08:14:06 · answer #1 · answered by DaMan 5 · 0⤊ 0⤋
The application for the credit card should have available space for a co-signer. That said, I recommend you do NOT do this. When you co-sign such a situation, you are accepting FULL responsibility for whatever debt she incurs. If she defaults, get ready to start paying. If you think this is not common, just keep reading Yahoo! Answers and keep count on how many are posting, knowing that cosigning was the biggest error in their lives, and how can they get out of it.
2007-06-07 22:05:06 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
DO NOT EVER co-sign a loan or credit card for someone else. If she makes another "mistake" than YOU WILL SUFFER for it.
If she has really learned her lesson, she will be able to fix her credit over the next few years by herself. If not, she'll have to live with her mistakes.
Don't let anyone bully you or make you feel guilty. We all make plenty of our own mistakes in life, don't put yourself in the situation to be responsible for other people's mistakes.
2007-06-07 19:47:40 · answer #3 · answered by Rob B 7 · 0⤊ 0⤋
In my opinion, you should NEVER cosign for anyone. If that person defaults (which they usually do as they have bad credit already) the creditor comes after you for the balance.
This will make you legally responsible for what they don't pay.
2007-06-07 21:33:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
NEVER be a co-signer if she default on payments you will have to pay or your credit goes south.
2007-06-07 21:10:16 · answer #5 · answered by John H 4 · 0⤊ 0⤋
it's pretty simple. you just need to provide your information on a credit card application in addition to hers.
2007-06-07 19:44:19 · answer #6 · answered by ruca80 3 · 0⤊ 0⤋
not a good idea!
2007-06-07 19:49:43 · answer #7 · answered by Anonymous · 0⤊ 0⤋