When you’re just starting to build up credit, you may feel stuck with nowhere to turn. After all, you need a credit line to build credit, but many places will turn you down because of your lack of credit history. So where can you turn? Some apply for low-risk credit cards with low limits and special restrictions. Others ask a friend or relative with good credit to co-sign for a loan. If you’ve been asked to co-sign something recently, you may want to consider some of the risks involved.
An article on MSN Money outlines several reasons to avoid co-signing for anything.
For one thing, when you co-sign for a credit card, loan or lease, you’re ultimately responsible for the bill. If the account holder falls behind on the bill, you’ll be on the hook for the remaining balance.
Are you applying for a mortgage or trying to refinance your home? Co-signing for a loan will add that debt to your credit reports. Even if the account holder is responsible and pays on time, your reports will be affected until the loan amount is fully paid off. This increased debt will cause lenders to see you as a greater risk, which could keep you from getting the credit you deserve.
Because you’re ultimately responsible for the bill, any bad credit behavior on the part of the lender will reflect poorly on you as well. Co-signing with someone who can’t manage credit properly could end up wrecking your credit scores as well.
So before you put your name on anything, consider the consequences. And if you’re curious about your own credit history, sign up for FreeScore. This will give you access to your three credit scores and reports, as well as 24/7 credit monitoring and automatic alerts that notify you of any suspicious activity, so you can avoid the consequences of leaving your credit unprotected. To help you stay clear of pitfalls, you’ll find a trove of helpful articles, tools and calculators on FreeScore’s credit information page. Equipped with FreeScore’s suite of benefits, you’ll enjoy smarter, safer credit management.
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