quote:

Originally posted by jennypie I would never get money involved in a friendship. It's not about not doing anything for your friend, it's that this kind of thing has great potential to change the dynamic of a relationship and subsequently to ruin it. I've seen many friendships destroyed over money.

+1. I lend money to friends like I gamble - only put up what you can within your means and be willing to lose it all.

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Never, ever, co-sign for anybody (including your family).

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Dark Dirty Tech Tribal. | Hands in air (trance) and feet on the floor (house).

Now, if you want to give the money to your friend/family as a gift, that is perfectly acceptable.

But otherwise, lending the money or co-signing is just going to ruin your friendship and create more problems than it is worth.

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Dark Dirty Tech Tribal. | Hands in air (trance) and feet on the floor (house).

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quote:

Originally posted by rabbitjoker Now, if you want to give the money to your friend/family as a gift, that is perfectly acceptable. But otherwise, lending the money or co-signing is just going to ruin your friendship and create more problems than it is worth.

I'd say this is mostly true however there are exceptions.

I have done it with family before and have just taken my name off the account after the fact.

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quote:

Originally posted by Endlesswave I'd say this is mostly true however there are exceptions. I have done it with family before and have just taken my name off the account after the fact.

Usually only banks will do that as long as the other person meets the qualifications on their own and has a perfect repayment history on the account.

If that other person screws up just once, the co-signer will not be removed. Also keeping in mind that as long as you are co-signed on something with someone else, it is also included on your credit bureau and in your debt ratio. So if you want to apply for something yourself you are taking the risk you won't be approved for it if your income isn't in line.

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quote:

Originally posted by magikb Usually only banks will do that as long as the other person meets the qualifications on their own and has a perfect repayment history on the account. If that other person screws up just once, the co-signer will not be removed. Also keeping in mind that as long as you are co-signed on something with someone else, it is also included on your credit bureau and in your debt ratio. So if you want to apply for something yourself you are taking the risk you won't be approved for it if your income isn't in line.

Yep.

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Und ich tanz einfach weiter...

quote:

Originally posted by rabbitjoker Never, ever, co-sign for anybody (including your family).

why not your family?
my father has co-signed for me many times in the past because i had no credit history to begin with.

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quote:

Originally posted by geroin my father has co-signed for me many times in the past because i had no credit history to begin with.

Children are probably a bit of an exception - co-signing is essentially meeting them halfway between a very generous gift and unflinching tough love. And since they're financial dependents, you probably already have a sizable leisure budget for them that you can shrink if they can't handle the responsibility. (And if you don't, then you're probably not the type of parent who would ever co-sign anyway.)

Under any other circumstances I'd say no. If it's a life-threatening emergency then I don't need them to pay me back, and if it's any other kind of "emergency" then I'd expect some kind of collateral.

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