Cosigners on a loan??
Also, she is going to be taking out a home loan soon. Will her cosigning affect her ability to qualify for one?? This is taking into consideration the fact that I will be making all of my payments on time so her credit score will not be affected.
Answers:
Age doesn't matter. She could probably help you. But what will really matter is verifiable income.
But none of that matters. Don't ask a friend to cosign for you. It can only lead to problems. You plan to make all payments on time. But plans don't always work. If you fall behind, collections will call her too.
Yes, it will definitely negatively impact her when she tries to get a home loan. The monthly payment will be counted in the calculation of debt to income regarding the payment she is able to make... no matter how much you say you make all the payments.
If your friendship matters, do not let her co-sign a loan with you. If you default, she will be responsible for paying for it. Your loan can default if you are unable to pay the bill when due.
It will affect her getting a home loan, because the lenders may see that debt on her credit report also.
If you were true friends you would not let her cosign the loan for you. It is very generous of her to offer that to you but when you are young things change drastically and you might come across a point in your life where you can not pay the payment and then she is responsible. If you value the friendship don't do it. It would be a better choice in the long wrong.
I'm sorry but she should not co sign, because if u miss one payment or a day late that will hurt her credit and hurt your friendship..
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