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how much does a co-signer help?


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I was wondering what everyone knows about co-signers? I would like to get a small personal loan (3-4k) to help with a couple small emergencies and car repairs. My scores are not great though (570's) but I was thinking a co-signer with scores in the upper 700's might help me get the loan. I have never had a co-signer and dont really know if it would help my cause or not. Any thoughts or experiences with this?

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I've had a cosigner for my car ( now paid off)..and have one for my engagement ring (Squeaker's ring, actually.... almost paid off)

It's not a bad thing...it shows up on your CRs as "joint account"....and it will help beuause the lender has another person to go after if you don't pay...and they like that. But you need to be sure and pay it on time or early no matter what..don't want to screw your cosigner's credit up...which WILL happen. If you are late, your cosigner is late as well and will reflect as such on his/her credit just the same as yours.

After about a year of payments and (hopefully) score rise, you can ask to be refinanced by yourself, and if you've been good they may do it and remove the cosigner.

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