Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
harmony56

0 Contributions
0 People Helped
Co-signing loans
How will co-signing a 5-year, $7,000.00 loan affect my credit score?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7362 Contributions
3808 People Helped

You guarantee loan payment.

A co-signer guarantees that a loan will be paid as agreed and takes on the responsibility of making the payments if the original borrower defaults.  It will affect you just the same as if you borrowed the money yourself.

Top Contributor
1758 Contributions
3023 People Helped

Do you have 7000 dollars sitting doing nothing right now that you can set to the side while this loan is active?   The reason is if the person that you co-sign for defauts on the loan you want it paid off.  you do not want to take on the monthly payments for the rest of the loan.

I would say don't  do it.   Yeah it might be family, but still dont' do it.   Been there, done that.   A lot can happen in 5 years.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.