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Co-signing – You Risk Ruining Your Credit Rating
You Risk Ruining Your Credit Rating  When you cosign a loan, your credit is affected immediately. Does this shock you? You see it doesn’t matter that the loan may eventually be paid in full by the initial borrower. Your credit will be affected the minute you sign the paperwork.  How does that happen, […]
Co-signing – You Become the Borrower
 You Become the Borrower  When you cosign a loan, know that you are now being asked to guarantee the full amount of the debt. The lender has refused to make the loan to the person for whom you are cosigning. The lender’s decision has been based on facts that reveal the risk is […]
Co-signing – For Your Children – A Bad Idea
You may argue that you need to cosign a loan for an offspring so that he / she can establish good credit. While it does seem admirable for a parent to help their children get established, think about what your potential action is saying to them.  If you are cosigning so they can get […]
Co-signing – Trusting that the Loan Will Be Paid
You are hoping that your friend or relative will pay back the loan. There’s a good chance that it will not happen. When your friend or relative defaults, then you have the “privilege” of paying back the money. My advice is to never co-sign a note unless you can afford to give the money away! […]
Co-signing – You Are Loaning the Money
Let me explain what you are doing if you cosign a note. You are loaning the money you borrowed to a person who was too great a risk for the professional lender. You are involving yourself in a business transaction that the expert money manager would not touch.  If the professionals are afraid that […]
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