7 Reasons to Say "No" to Cosigning ...
If you say no to cosigning, the person who needs help may feel that you’re the meanest person on the face of the earth. That’s okay - they’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. Can’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 person’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 it’ll appear on your credit report. And if the primary signer stops paying, the lender will hound you for a payment. Do you need another reason to say no to cosigning?