Michael Petruccelli says; Co-signing any loan can be
disastrous to your credit, finances, and future. But if you're going to do it
anyway, at least protect yourself.
Years ago, a
friend told me he didn’t have the credit to get a car loan. Would I co-sign for
him? I almost did it, but my father stopped me with some wise advice: “Don’t
gamble with your credit score for someone else’s benefit.”So I didn’t co-sign, but my friend found someone else to do it. Nine months later, he stopped making payments, the lender repossessed the car, the co-signer’s credit was ruined, and I had narrowly escaped financial disaster.
