Can I take sole responsibility as co signer

Submitted by Anonymous (not verified) on Mon, 07/19/2010 - 05:32
Forums
Credit repair

Hi,

If a person has bad credit and cannot get a credit card, can he get one with good credit to co-sign on an agreement? So, can I co-sign and take on the sole-liability for the debt from the beginning of the agreement?

I know of authorized users on a credit card, but this is a different question; can you take this sole-liability on a card in someone else's name that you've only co-signed.

Thank you

Aaron

Hi Winetorp,

If a person has bad credit and cannot get a credit card, can he get one with good credit to co-sign on an agreement?

Yes, he can get a person with good credit to co-sign on the agreement.

However, if you co-sign on somebody's account, and you want to take on the sole responsibility of the card, you will have to change your name from co-signer to primary holder of the account. For that you will have to talk to the card issuer.

However, I think you should think twice before doing this.

Thanks,

Aaron

Mon, 07/19/2010 - 09:59 Permalink
sdchargers_63

Being a Co-Signer is a big responsibilty. If the Primary holder is late on payments, defaults on the CC, etc., ALL of this goes on YOUR credit as much as his/hers. Even if he/she is a good friend of yours, I would still think twice about it. (Just some advice).

Mon, 07/19/2010 - 12:12 Permalink