I need a $2,000 loan so I talked to my friend who lives a few states away about co-signing.. she said she would do it via text message, so she gave me her info, informs he she has good credit, but is 20 years old.. my credit is horrible.. now, we are good friends, but I am worried if I get approved, if she will be like "I never gave him permission to do that" Which she did through a text message.. but is it still safe?
2007-09-09 15:24:16 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
not a good idea to follow through on this. Family is one thing but a BFF and money um no.
2007-09-09 15:29:19 · answer #1 · answered by Anonymous · 3⤊ 0⤋
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2007-09-10 02:05:44 · answer #2 · answered by Power r 1 · 0⤊ 0⤋
Why is your credit horrible? Could it be because you haven't been very good at managing your finances and paying your bills? So now you are getting your 20 year old friend to co-sign. When you don't pay on time, her credit will be trashed. And you will lose your friend.
What do you need the $2K for? Is it something you NEED or just something you WANT? Why not figure out a way to save up the money and not put your friend in such a bad position.
Get a second job or cut back on your other spending.
2007-09-09 22:35:27 · answer #3 · answered by bdancer222 7 · 1⤊ 0⤋
Bad idea for many reasons-- text message ok? No institution should even ACCEPT that.
Then, if you have bad credit, YOUR bad credit would likely off any chance you'd have anyway.
And no... it's not safe. Look at it in its most basic, generic way: person you can't see, or for sure identify, sends you a text saying they'll co-sign on a loan with someone else whom they can't see, who can't come into the state to sign, and the person whom they are helping's credit is horrible. Does this sound good to you??
2007-09-13 06:28:39 · answer #4 · answered by LJG 6 · 1⤊ 0⤋
Really, you got a 20-year old friend to agree to co-sign a $2000 loan for through a text-message? I have feeling something is fishy here. Did you forge her name? No bank is going to accept just a text-message as proof that she co-signed for you.
If you went through with this, you are in big trouble my friend.
2007-09-09 22:48:00 · answer #5 · answered by Ti 7 · 0⤊ 0⤋
Rule of thumb when dealing with finances, either family or friend, ALWAYS get it in writing!!!
2007-09-09 22:34:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋