To Cosign or NOT to Cosign?

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Presentation Description

While it’s a nice thing to do for someone, it can land YOU in deep financial problems if they are unable to pay. And it will can also impact your credit score. But no matter how sincere they seem or how much begging they do. You need to remember a few things! For detailed guide about cosigning read http://www.newhorizon.org/credit-info/to-cosign-or-not-to-cosign/

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Presentation Transcript

slide 1:

To Cosign or NOT to Cosign www.newhorizon.org

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That is a VERY serious question you need to ask yourself

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While it’s a nice thing to do for someone it can land YOU in deep financial problems if they are unable to pay.

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It will also impact your credit score.

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But no matter how sincere they seem or how much begging they do. You need to remember a few things

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Consider the risk. - Ask yourself why do they need a co-signer If they are irresponsible then just don’t do it. - If it’s a child looking for help building credit…..be cautious. - Could your credit survive an 110+ credit score point drop

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Take a close look at your personal finances - Never co-sign if you can’t afford to step in and pay. - To be prepared review the state of your personal finances and anticipate costs you may eventually incur as a co-signer.

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For detailed guide about cosigning read http://www.newhorizon.org/credit-info/to-cosign-or-not-to-cosign/

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