Michael Petruccelli says; You’re risking your borrowing power
Here’s how my scenario would have played out if I had agreed to co-sign:At the time, I had a car and a good credit rating. I co-sign my friend’s car loan. Nine months later, he defaults on the payments and the car is repossessed. A year later, I need a new car, so I apply for a loan. The lender sees a repossession and a collection on my credit report. At this point, I imagine the lender doubling over in laughter as he turns me down.
