In My Opinion, If You Co-sign A Loan With A Family Member Or A Friend, Youre Looking For Trouble. Granted, If You Want To Help Your Child Buy His First Car, You May Need To Co-sign Because The Child Does Not Have Credit History Yet. The Danger Is That If Your Son Makes A Late Payment, The Bank Will Come To You To Pay It Off. Be Extremely Judicious Who You Co-sign For. Because Of The Risk That Another Person Could Damage My Credit, I Will Never Co-sign For A Friend Or Family. Its Not Homework, Its An AssignmentOutline The Following; Read These Documents And Understand Every Clause. Theres Good And Bad Risk. Make Sure You Have The Skill Set To Take A Calculated Risk?1.home Mortgage(s)2.credit Card Agreements And Statements3.car Loans Or Leases4.insurance ContractsGet Answers To These Questions:Do I Understand The Rules Of This Contract? Do I Understand The Amount Of Risk Im Taking By Agreeing To This Contract? Do I Understand Tax Laws Surrounding The Contract?Does The Contract Fit My Priorities? Forget Whether You Think You Deserve It (because You Probably Do)can You Afford It?Can I Afford To Lose All Or Part Of My Money By Engaging In This Contract?
