Co-signing a loan may help the borrower qualify, but it could also hurt your credit score and overall finances. You may be asked to co-sign a loan by your spouse, child or friend, especially if your credit score outshines theirs.
What does it mean when you co-sign someone?
A co-signer is someone who applies for a loan with another person and legally agrees to pay off the debt if the primary borrower isn’t able to make the payments.
Is co-signing a big deal?
When a friend or family member asks you to co-sign a loan, it doesn’t seem like a big deal. But co-signing a loan comes with serious, often hidden risks to your finances and your relationships.
Does co signing hurt my credit?
Being a co-signer itself does not affect your credit score. Your score may, however, be negatively affected if the main account holder misses payments. You will owe more debt: Your debt could also increase since the consignee’s debt will appear on your credit report.
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