Are You Really Ready To Ask Someone To Co-sign For You

As you struggle to regain your good credit rating, you inevitably will come to a point where you seem to hit a stone wall. Whether it’s an auto loan, personal loan, or department store credit card, you still may not be able to qualify on your own for credit. This is when the cosigner comes into play. The best place to look for a cosigner (not consigner) is within your family or close friends.

If this individual is backing your loan, they will be privy to the same credit checks as you would be if this were your loan all by itself. Their creditworthiness is based on income, homeownership, credit history, and job security. If you default on any payments, the consigner will have to pick up the tag. That’s why it’s good to make sure that you have all of your ducks lined up in a row before you put the consigner’s financial credit rating on the line.

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Say what you mean and mean what you say!

To the cosigner, you are saying that you plan to honor the credit contract to the letter they have consigned for. Don’t try to take on too much new credit at first. Take the time to really look at your spending habits. If you have had trouble in the recent past keeping up with your finances, this may not be the best time to put someone else in the cross hairs.

Building and managing credit is a huge responsibility. Just ask any one of the thousands of people that have low credit rating scores. These people started out in good faith. They had every intent of making sure their payments would be complete and on time. However, things often happen beyond anyone’s control and those things that happen are events that can often send a good credit rating south for much longer than just the winter.

Put aside a little money each month to cover the loan repayment and make it a priority. Protect the person who consigned as if he or she were you. Remember that the reason you needed them in the first place was because you couldn’t qualify on you own merits. That doesn’t make you a bad person in the least. It just means that it may take a while before the system deems you credit worthy and until that happens, make sure you have the consigner’s best interest at heart.



  1. How does co-signing work in regards to renting a condo/apartment?

  2. it works the same as co-signing a loan. If you you’re friend doesn’t pay the rent, the landlord has the right to come after you. If you can’t pay it either, then it will go against both of your credit reports.

  3. Is it safe to co-sign for someone? I think we should know the person well enough ,of course, before entering this kind of responsibility.

    • I personally would never co-sign for anyone especially in this economy. The problem is that there are a lot of unforeseen things that can happen that can make your friend or family member unable to pay their bill. As the co-signer you are now responsible for that bill. If you can not afford to pay it either, then both of you will get marked as delinquent by the lending company. If you can afford to make the payments and your friend of family member communicates immediately with you that they can not make the payment, then and ONLY then it can be safe to be a co-signer.

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