Cosigning two loans simultaneously?

Discussion in 'Credit Talk' started by c_builder, Apr 13, 2003.

  1. c_builder

    c_builder New Member

    I have to co-sign my wife's student loan application for almost 120k. One of my friends is also requesting me to co-sign his loan for about 20k. Can I do this? What repercussions will I have if I co-sign on both the loans? Will the lenders consider that I already am a co-signer on one loan when they consider the other? Let me know.

    THanks
     
  2. fla-tan

    fla-tan Well-Known Member

    c_builder

    Why do you have to co-sign your wife's student loans? Are they private student loans? If they are Federally Guaranteed Student Loans, it doesn't matter whether you co-sign or not. You will not be liable for them unless you either are or will do a spousal consolidation. If you are doing a spousal consolidation...Put The Pen Down and Step Away From the Paper...in other words, don't unless all the ramifications have been explained to both of you and you both decide to go through with it. As far as your friend, understand that if your friend is late on a payment, it will show on your credit. This will allow your friend in essence, to control how good or bad your credit is or becomes. And I doubt that that is a good idea.


    fla-tan
     
  3. c_builder

    c_builder New Member

    We are applying for private loans (sallie mae, citibank). Both loans are student loans. What impact will cosigning on two student loans have on my credit-worthiness?

    THanks
     

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