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Cosigning loans for friends or relatives can jeopardize your credit standing. You may trust them implicitly, but if they were truly creditworthy you probably wouldn’t be called on to cosign. Consider these details:

  • If payments are ever late, your credit will be affected. Payments may be very late before you are made aware of the default.

  • The loan appears on your credit report and is figured into your scoring. The new debt-to-income ratio will affect terms and rates on any loans you may need to apply for until the cosigned loan is paid in full.

  • You are liable for the loan if it goes unpaid.

Unless you can afford to lose the amount of the loan, or take a chance on finding yourself needing credit repair, it is a good rule of thumb to never be cosigning loans.

You may also find these pages of interest:

RMCN Credit Services
1611 Wilmeth Road, Suite B
McKinney TX 75069
(972) 529-0900 Office (972) 562-0225 Fax
Toll Free (888) 4-MY-REPAIR
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