I'm working on a new piece about the unintended consequences of co-signing on a loan or credit card for a friend or family member, and I thought I would reach out to my friends in the forum to see if anyone might be willing to talk candidly about their experience co-signing, be it good or bad. I won't need to use full names - first names will suffice - and I'm really just curious to hear how the co-signing experience affected the relationship over the long haul. Did it bring you closer together, or put a strain on what was previously a close relationship? Feel free to Private Message if you're interested in speaking briefly. Thanks in advance!
I'll talk about it in the forum...My father in law co-signed on my first financed vehicle for me because someone did it for him when he was my age "I was 19 at the time and had a very solid job". My interest rate would have been ridiculously high if he did not help me with it and I may have not been approved at all because I had zero credit history. Since then, i've financed 3 vehicles on my own "im currently 25". I think it showed a lot of trusts in me on his part, and he certainly trusts me a lot more because I never missed a payment and did him right.
Great to hear from you Mr T - much appreciated! My Dad also offered to co-sign on a car loan for me when I was 23 but a credit union stepped in at the last second and approved my independent loan. Honestly he didn't even hesitate, and it was really appreciated on my end even though it didn't end up being necessary.
I have had a good experience with co-signing... My dad co-signed on a car with me when I was 19... It helped me build my credit and I wouldn't have been approved for that much without him. I have since paid the loan off. I have my husband as a joint user on several of my credit cards. It hasn't been an issue for us. The only way I imagine it would be difficult is if we were to divorce. However, we don't really keep a balance on our cards so it would just be a matter of one of us being removed. So far, so good on co-signing/joint accounts... Hopefully it will stay that way!
I cosigned with my mother in law on a auto loan for her. It was a terrible experience. She always paid the loan one day before it was 30 days late. That was a long 5 years, it stained our relationship. I never had a 30 day late on my credit because of her, but I would never do it again. Thanks! Heather with BoostMyScore.NET
