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rollab12

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Ive never missed a payment but i just cosigned a loan.
Does the persons previous credit history before the loan affect my payment history?

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Don't Do It

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Never, ever, ever, ever, ever cosign for a loan. Basically you have put your neck in a noose for someone who creditors think are not responsible enough to pay off a loan. And guess what? Creditors know what they are talking about.

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Oh, man!! When you co-sign, you are telling the lender that should the original borrower fail to make payments as agreed, YOU will do so.  It's like you were taking out the loan for yourself.  Any time someone has to have a co-signer for a loan, their credit is lousy and that will affect your credit.  I hope this turns out well, but PLEASE, do not co-sign again.  Unless you have lot's of money you can afford to lose.  I don't.

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The person's previous credit history does NOT affect yours in any way. However, if they fail to make the payments on the loan that you cosigned, then that would affect your credit.

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