Co-signing a loan is a significant financial risk because the debt immediately appears on your credit report, and every missed or late payment by the primary borrower will negatively impact your credit score; additionally, if the borrower defaults, you become legally responsible for the entire balance, which can derail your mortgage approval, car loan, and business credit. Instead of co-signing, it is better to help the person build their own credit profile through proper financial management.
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Why You Should Never Co-Sign a Loan (And What to Do Instead)Added:
Number one, you shouldn't have cosigned for him. All right? That's in the past now. But for the future, don't do that again. Okay? I don't give a damn who it is. Okay? Don't do that again. Number two, you if you do cosign for someone, y'all, you need to have that person send you the money 3 days before that payment is due.
Okay.
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