would a personal loan that is cosigned hurt my credit score?
Right now my credit card is paid off as well as a department store card. I have two loans with very high interest rates with finance companies totaling 10,000. My father is willing and able to cosign for me. This will be paid off by December with help from spouses income. I want it this way because it will save me money. Should I do it? It is through CIBC in Canada with interest rate around 6% vice the 28-39.5 I originally had
Public Comments
- Yes..if you feel comfortable that you can keep your end of the bargain and have them paid in full by December. More than one person has left an unfortunate relative or friend on the hook for loans cosigned because of life when bad things happen. I would really advise that you and your spouse give some thought to this proposal before incorporating your Father's financial well being into your life. Thoroughly list all the pros, cons and what if's ... this action is not just about you and your spouse. Good luck
- Pelsonal loan can hurt your credit score. But it depends on which bank you choose... http://loan-guide.freehostia.com Each bank has unique conditions and you will treated based on those conditions only...
