This could damage your credit score
- At October 06, 2015
- By Stephen Matte
- In borrowing, co-signing, credit, loan, mortgage
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One way that people often hurt their credit is with Co-signing. My advice is — Don’t do it!
Here are a few things to consider:
- Can I afford to pay the debt each month?
- Can I be the main borrower? (Not in the case of a mortgage, as the occupant is always the main borrower). The credit of the co-borrower will be positively impacted. This will also ensure that you are getting the bill.
- Can the bank send all financial information to the Co-borrower as well? Be sure to get this in writing. Many finance companies do not notify the Co-borrower until the account is already 90 days late, long after your credit has been seriously damaged.
Need help with credit repair or credit restoration? Contact us and we will guide you in the right direction!