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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

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Co-signing as a way out for those with bad credit

[March 15th, 2012]

If you have no or bad credit or if you are a young adult and are facing big difficulties in getting approved for a line of credit, say regular credit cards, you can consider somebody with much better credit than yours who is willing to share a credit account with you. This is known as co-signing.  Not all credit issuers allow co-signing but some of them do.

First of all, co-signing is a matter of risk and great responsibility cuz if you fail to pay back debts a co-signer helped you get, it is the co-signer your credit issuer will go after. On top of that, your unpaid debts will negatively affect the co-signer’s credit rating. Therefore, if you are looking for a co-signer, turn to your parents, spouse or close friends, in short, turn to your dearest and nearest. Find someone who trusts you, has good credit and has nothing against doing you a huge favor by co-signing on a credit card or loan.

If you are firm about your decision to have a co-signer, be a responsible and decent person and keep in mind that it is your duty to repay the favor by paying off your own debts as agreed.

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