Comments on: Consider Carefully Before Co-signing http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/ Live more. Spend less. Sat, 21 Nov 2009 05:04:26 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: collegegal http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-10189 collegegal Mon, 14 Jul 2008 21:57:06 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-10189 Sometimes you have to standback and look at the situation if you have a 25+ child/sibling who has had their cars repoed and evictions and just is not responsible then say NO but if you have a responsible NEW adult who just doesn't have enough credit history or rental history but have shown you that they wouldn't just flake on you then I dont think that there is any thing wrong with co- signing for a responsible young adult who has shown that they respect you enough to not screw up your credit I know that I would never screw up my parents credit... I would find a way to make payments no matter what... a roomate not paying... loosing a job.. anything because I have that respect for my parents. Unfortunatly they do not understand that. So I had to find another place to stay and the places that you do not have to have a co signer are usually bug invested... far away... and just yuck!!! So I sugest if you feel like your kids respect you enough to not ruin your credit (it is all you have) you should give them a chance and sign Sometimes you have to standback and look at the situation if you have a 25+ child/sibling who has had their cars repoed and evictions and just is not responsible then say NO but if you have a responsible NEW adult who just doesn’t have enough credit history or rental history but have shown you that they wouldn’t just flake on you then I dont think that there is any thing wrong with co- signing for a responsible young adult who has shown that they respect you enough to not screw up your credit I know that I would never screw up my parents credit… I would find a way to make payments no matter what… a roomate not paying… loosing a job.. anything because I have that respect for my parents. Unfortunatly they do not understand that. So I had to find another place to stay and the places that you do not have to have a co signer are usually bug invested… far away… and just yuck!!! So I sugest if you feel like your kids respect you enough to not ruin your credit (it is all you have) you should give them a chance and sign

]]> By: The Friday Gathering for 10/19/2007 | Gather Little By Little http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-1101 The Friday Gathering for 10/19/2007 | Gather Little By Little Sat, 20 Oct 2007 02:16:28 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-1101 [...] Being Frugal talks about things she’s learned about money by not having alot of it and tells us not to co-sign a loan. [...] [...] Being Frugal talks about things she’s learned about money by not having alot of it and tells us not to co-sign a loan. [...]

]]> By: Moolanomy weekly roundup #12: “Hello Readers” edition | Moolanomy http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-995 Moolanomy weekly roundup #12: “Hello Readers” edition | Moolanomy Mon, 15 Oct 2007 11:36:45 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-995 [...] Consider Carefully Before Co-signing @ Being Frugal — I co-signed once, and I will never do it again. I could’ve sleep better investing in the stock market during a bear market. [...] [...] Consider Carefully Before Co-signing @ Being Frugal — I co-signed once, and I will never do it again. I could’ve sleep better investing in the stock market during a bear market. [...]

]]> By: The Roundup - House is Getting Closer Edition : A Penny Closer http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-988 The Roundup - House is Getting Closer Edition : A Penny Closer Sun, 14 Oct 2007 20:30:30 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-988 [...] @ BeingFrugal wrote about the dangers of co-signing for loans . I had a friend who got caught by this when she co-signed for a car for her then boyfriend. It [...] [...] @ BeingFrugal wrote about the dangers of co-signing for loans . I had a friend who got caught by this when she co-signed for a car for her then boyfriend. It [...]

]]> By: Moolanomy weekly roundup #12: “Hello Readers” edition | Moolanomy http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-987 Moolanomy weekly roundup #12: “Hello Readers” edition | Moolanomy Sun, 14 Oct 2007 14:02:26 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-987 [...] Consider Carefully Before Co-signing @ Being Frugal — I co-signed once, and I will never do it again. I could’ve sleep better investing in the stock market during a bear market. [...] [...] Consider Carefully Before Co-signing @ Being Frugal — I co-signed once, and I will never do it again. I could’ve sleep better investing in the stock market during a bear market. [...]

]]> By: Pinyo http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-985 Pinyo Sun, 14 Oct 2007 13:15:53 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-985 There's so many things I would have done differently. But this is the key point of the story: "Never, ever, ever co-sign for a loan/lease/anything else unless you are fully prepared to take on the entire payment. I don’t care if the person who wants you to co-sign is your child, parent, grandmother, or the most honest person from your church." I done it once, and I will never do it again. I could've sleep better investing in the stock market during a bear market. There’s so many things I would have done differently. But this is the key point of the story:

“Never, ever, ever co-sign for a loan/lease/anything else unless you are fully prepared to take on the entire payment. I don’t care if the person who wants you to co-sign is your child, parent, grandmother, or the most honest person from your church.”

I done it once, and I will never do it again. I could’ve sleep better investing in the stock market during a bear market.

]]> By: Eric http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-971 Eric Sat, 13 Oct 2007 15:43:05 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-971 I had a friend who co-signed for her boyfriend's car. When they broke up, he quit his job, moved, and stopped paying for the car loan. She had to take up the slack and continue the payments while she tried to find a way out of the deal. It was a pretty horrible experience for her. Now that I've heard these stories here, I'm definitely *not* co-signing on anything. I had a friend who co-signed for her boyfriend’s car. When they broke up, he quit his job, moved, and stopped paying for the car loan. She had to take up the slack and continue the payments while she tried to find a way out of the deal. It was a pretty horrible experience for her.

Now that I’ve heard these stories here, I’m definitely *not* co-signing on anything.

]]> By: StaciCarsten http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-966 StaciCarsten Fri, 12 Oct 2007 20:07:00 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-966 Good advice! We have some loan programs where family members can co-sign for a child, BUT the parent is also an owner of the home, and generally considers it more of an investment on their part. Also, if you co-sign for someone and then want to buy a house, if they haven't been making the payment it will affect your credit rating. And finally, if they are making the payment, but you can't qualify for your mortgage with that payment counting against you, you'll have to provide 12 months' cancelled checks proving who is making the payment. Good advice!

We have some loan programs where family members can co-sign for a child, BUT the parent is also an owner of the home, and generally considers it more of an investment on their part.

Also, if you co-sign for someone and then want to buy a house, if they haven’t been making the payment it will affect your credit rating. And finally, if they are making the payment, but you can’t qualify for your mortgage with that payment counting against you, you’ll have to provide 12 months’ cancelled checks proving who is making the payment.

]]> By: Heidi http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-965 Heidi Fri, 12 Oct 2007 18:38:33 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-965 When my husband and I just got married, No apartment place would have taken us without a cosigner because we had no work history. Thank goodness his parents co signed for us or we would have had no place to live. When my husband and I just got married, No apartment place would have taken us without a cosigner because we had no work history. Thank goodness his parents co signed for us or we would have had no place to live.

]]> By: Jennifer http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/comment-page-1/#comment-964 Jennifer Fri, 12 Oct 2007 17:23:03 +0000 http://beingfrugal.net/2007/10/12/consider-carefully-before-co-signing/#comment-964 Why didn't the roommate cosign? A friend of mine cosigned for her son's car. He stopped making payments, so now she gets to drive a brand new sports car around town. Yes, she repossessed her own son's car, but if she was making the payments, she was going to drive it! Why didn’t the roommate cosign?

A friend of mine cosigned for her son’s car. He stopped making payments, so now she gets to drive a brand new sports car around town. Yes, she repossessed her own son’s car, but if she was making the payments, she was going to drive it!

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