what is my other options other than co sign for a loan?

Answer 1

If your credit isn't good enough to take out a loan, you can do without whatever you want the loan for. Save your money and pay cash.

Answer 2

Are you trying to get a loan and need someone to cosign for you? Or is someone asking you to cosign for them.

If it's the first, consider what will happen to the other person if you can't make the payments. He'll have to make them. What will that do to your relationship? You could both mess up your credit.

If someone wants you to cosign for him, don't. It will affect your debt-to-income ratio, and you could wind up responsible.

When you cosign a loan, you're saying, "If he doesn't make these payments, I will." So until it's paid off, it's considered to be your loan even if the person is making the payments. So let's say that payment puts your debt-to-income ratio over the maximum a lender will allow on a loan you want. You won't be able to get your loan, unless that lender will accept verification that the other person is making his own payments. In general verification is either a bank statement or cancelled checks, showing that the person is making the payments from his own checking account for at least a year. Money orders won't work, giving you the money and you making payment won't work, nothing else will work. You could be cooked.

Just don't do it either way.

Answer 3

Think very carefully before co-signing for a loan for someone else's benefit. If you co-sign for them, and they don't pay as agreed, your credit history suffers. Co-signing or even getting designated as a co-user on someone elses credit card can effect your credit history if the card or loan is not paid for properly.

Answer 4

Co sign and Credit Score is not all they look at, must meet minimum debt service ratios, and they look your job. I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/line-of-credit.html

Answer 5

Options for what?