3. Late Payments Will Appear on Your Credit Report

Do you have a perfect payment record with your creditors?

Cosign a loan for another person and you risk tarnishing your record.

If the primary signer gets lazy and starts paying his or her bills late, this activity can appear on your credit report.

Regardless of whether youโ€™re the primary signer or the cosigner, a late payment can prevent your own financing.

Raises Your Debt to Income Ratio