Cosigning a loan- what you should know

Has anyone ever asked you to cosign a loan? Are they asking you now? Before you sign we want to make sure you realize what you may be getting into. In this video Michelle explains the legal effect of cosigning- how it can impact you even if the other person pays the loan. But then ... what if they don't? Well, she covers that too! Hope it helps you decide what you will do.

[mercedeswilkins]

Never co-sign cuz you will be legally responsible for it

[darialo]

Much needed info. This should be tought in schools. Wish I knew this in college and even in high school.

[foxgdsmck]

I have good credit, my friend has bad credit, I'm wondering if that him having bad credit will affect mine? Otherwise he's for sure setting up automatic payments

[magatexan]

Learned this lesson the hard way a few years ago. Will NEVER make that mistake again!

[preciousvela]

Say it’s not yet time to start paying the loan, will it keep showing on our credit history?

[LisaBradley-chtn]

Please after the co signer have sign the paperwork and your loan is approved. Why will the bank say I’m number 14 th of getting the money ?

[qcyqjhj]

say the person you cosign for, they are good with paying the debt and the credit score is going up. dose it show on your credit or theirs or both?

[chavitavb]

I'm a care taker for my mother and I can't work full time. I have great credit, but don't meet the income requirements. My sister was nice enough to allow me a co-sign a small car loan since I'll just give her half my paycheck for the loan payments. This will help me tremendously! This video was really great at explaining everything.