2017-05-22 Cosigning Can Ruin Your Credit Score!

May 22, 2017

May 22, 2017 - Cosigning Can Ruin Your Credit Score!

Cosigning is when a lender requires someone to be legally responsible for a debt if the borrower does not pay. If you cosign a loan and the borrower defaults, your credit could be affected for at least seven years. So, worst case, you are paying for something you don't own, the relationship with the other person has probably been ruined and your credit has been wrecked through something totally out of your control.

Cosigning really sound like a very good deal, does it?

Proverbs 17:18 says “Senseless is the man who gives his hand in pledge and who becomes surety for his neighbor.”  Don’t co-sign—it can ruin your financial health and your credit score. If you have co-signed, here are 6 ways to get removed as a loan or credit card co-signer.

Read more about cosigning and credit scores on the Compass Catholic Blog and while you are on the Compass Catholic website, check out our books, financial calculators, glossary and spreadsheets to help you reach financial freedom!

If you would like to introduce a Compass Catholic Bible study to your parish, or start a group on your own, call us at 844-447-6263 or fill out the contact form on the Compass Catholic website.

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