Posted by Arlene Khan in Credit, Credit Repair
If you have very poor credit scores following a bankruptcy or other disaster but need to get a loan, consider getting a co-signer. If your co-signer has assets or a better credit record, you may qualify for a better loan rate.
However, be wary - if your co-signer refuses to make payments, then both of you will suffer the credit fallout. Co-signers share responsibility for loans and credit - both of you will have worse credit scores if one of you does not pay.
On the other hand, if your cosigner has good credit and makes payments, then the co-signed loan can actually boost your credit score.
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