7 Reasons to Say "No" to Cosigning ...


If you say no to cosigning, the person who needs help may feel that youโ€™re the meanest person on the face of the earth.

Thatโ€™s okay - theyโ€™re entitled to their opinion.

While I definitely understand how cosigning a loan can help someone with no credit history, I feel that the risks outweigh the benefits.

Canโ€™t decide whether to put your name on the dotted line?

Here are seven reasons to say no to cosigning.

1. 100% Your Debt

Sign your name to another personโ€™s loan application and you automatically inherit this debt.

Even if you never make a loan payment, this debt is forever attached to your name, plus itโ€™ll appear on your credit report.

And if the primary signer stops paying, the lender will hound you for a payment.2

Do you need another reason to say no to cosigning?

Gambles with Your Credit Score
Explore more ...