Cosigning

Perhaps your son, daughter or other family member has asked you to co-sign on a mortgage, car loan or credit card account. Should you do it, and if so what are your financial obligations in the event of late payments or defaults?

Latest Articles

Bank May Not Notify You if Cosigner Doesn’t Pay

I co-signed my son’s auto loan. He was over 30 days late on...

Should I cosign on my son’s car loan? Are there any risks to my credit?

I want to help my son build his credit. Is cosigning for...

Audio: Cosigning a College Loan

Know a student in need? Learn the facts of cosigning before you discuss...

Video: How Can Cosigning Affect My Credit?

Cosigning a loan with another person isn’t just a gift of funds, it’s jointly...

Will You Cosign My Loan?

When you ask someone to cosign a loan with you, are you aware of...

Impact of Authorized User vs. Joint Account

I added my roommate onto my credit card and lost my job. I...

Cosigners are Responsible for Debt Repayment

I cosigned a loan with my son. He is not making payments, and...

Authorized User vs. Cosigner

I am wondering about the difference in liability between a cosigner and an...

Being Removed from an Account After Cosigning

I am a cosigner and the secondary user on a credit card. I...

Will Cosigning on a Loan Help Your Child Build Credit?

Yes, provided all payments are made on time. The accounts will appear on both of your credit reports, contributing to your credit score as well as theirs. Make sure you have access to the account so you can verify the payments, since you’ll be just as legally responsible as your child.

Could Cosigning for an Apartment Lease Affect Your Credit?

Rental payments are not routinely reported to credit-reporting companies, but if your co-signer fails to meet lease requirements the landlord may take legal action. As such, your name would be included in the civil judgment or collection-agency account for the unpaid debt, which would likely appear on your credit report. Both have very negative impacts on credit scores and lending decisions.

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