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Musso5683

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Will signing as a guarantor affects my credit?

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Unless you can truly afford to make all of the payments for the loan you are thinking about cosigning for without causing yourself hardship, do NOT cosign. In addition, cosigning can add to your debt to income ratio and possibly prevent you from getting a loan that you may need during the duration of this loan. If the person that you cosign for misses payments or is late with payments or stops paying the loan, YOU are then on the hook and if you don't pay, your credit will be damaged and the lender will come after you for the funds by suing you and getting liens placed on your property. Cosigning is usually a terrible idea and has caused a lot of hardship for many people.

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Of Course!!

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When you are guarantor, you are saying that, should the borrower fail to meet their obligations, YOU will, so it is going to affect your credit.

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