My fiance and I are considering buying our first home, but the problem is that we both have bad credit. (Poor decisions from when I was younger.) If I had a co-signer would this help in our chances of getting approved for a loan?
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If you can find a co-signer with stellar credit and strong finances, you can probably get a decent loan. Understand, however, that such a co-signer will be responsible for your loan if you default for any reason. As well, the value of YOUR loan will be held ‘against’ the co-signer if he or she tries to apply for his/her own loan. Since that person is guaranteeing your loan, it will be considered an outstanding debt for the co-signer, even if you are making the payments.
I NEVER recommend that anyone co-sign for another. The implications can be horrendous.
creditreport.fateback.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
Very well said Acermill…I would never recommend cosigning either…you need to clean up your own credit (it can be done), then apply for a loan. Don’t try to accomplish your goals by riding someone else’s back….