If a co-signer has a worse credit score, is it better to have no co-signer?

Question

I want to apply for a loan, and the documents say that getting a co-signer should improve my chances of approval and interest rate.  Problem is, I really don't know anyone with very good credit, but I know I have good credit.  So, would getting a co-signer on a loan with worse credit than me hurt me?

Anonymous · Accepted Answer

You'll have to find another way to build your credit. If you're employed at least 12/18 months with $300 in a savings account, you might be able to get a secured credit card from a bank. Make sure they belong to the credit bureau

? · Answer

Co-signer is never a good idea. Small loan is ok, dealing with auto loans or mortgages, that's the problem. It can ruin friendships and family.

Scott · Answer

You're exactly right, if your co-signer has worst credit than you, then it's not worth it.  if you have good credit, and a stable job history you might as well just go it alone.  Good luck!

Cheers!

A Hunch · Answer

yes - having a co-signer will hurt your ability to get the loan.

? · Answer

motor vehicle finance companies require that the folk on the be conscious be named on the coverage. If the contract is in the two names, the two names might desire to be on the coverage. in case you have stable credit and your mom's is so-so, there is no reason of her to be on your contract. If her credit is definitely so-so it somewhat is going to result your activity value besides. in accordance with what you will purchase, you're able to desire to determine on her for earnings so which you will funds for the charge. maximum banks will in simple terms enable 20% of your gross month-to-month earnings for a motor vehicle charge.

If a co-signer has a worse credit score, is it better to have no co-signer?

5 Answers