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Any financial gurus here?

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Flame:
if you co-sign a loan, how does that show on your credit report?

My poor niece is the victim of  being my sister's child...she needs someone to co-sign a student loan so she can go to school next sememster, but her parents are such shmucks, they are denied.

My worry, is if I co-sign for her, does it show up on my credit as a debt to income thingy?  Would it bite me in the butt in 4 years should I need to help out my daughter with school?

Any ideas or info? 

If it was anyone else but this kid, I wouldn't even consider it, but man, I love this kid to death, and she gets shafted all the time by her family.

RightCoast:
Most co-signed loans don't help the person that needed the help, I believe Toyota Financial is different, as I understand it they help (or hurt) both parties credit.  I do not know how it would impact your debt/ income ratio but I would think that it wouldn't bring you down as long as it wasn't a huge loan and the payments were on time.  However, to qualify that statement I will say I am no guru... :-)

Hawkgirl:
You don't have to be a financial guru to answer the question as I am not and can answer it.  When you co-sign a loan, it's like you are taking out the loan yourself as you are just as responsible for the loan as the primary person.  It will show up on your credit also.

I know this from experience and have been screwed over as a result of it. 

My advice to anyone thinking about co-signing a loan is not to do it....even with family.

Chris_:

--- Quote from: Hawkgirl on January 03, 2008, 06:34:58 PM ---You don't have to be a financial guru to answer the question as I am not and can answer it.  When you co-sign a loan, it's like you are taking out the loan yourself as you are just as responsible for the loan as the primary person.  It will show up on your credit also.

I know this from experience and have been screwed over as a result of it. 

My advice to anyone thinking about co-signing a loan is not to do it....even with family.

--- End quote ---

That is the best advice you will ever get, anywhere. I might even say "especially with family."   Many a family has been torn asunder from money issues, ESPECIALLY loans.

Flame:
I know the whole "dont loan money to family" thing..and believe me, if it was anyone but this kid, I wouldn't even consider it.

I think mostly I'm just so pissed at my sister that she would put her kid in this situation.

I just don't want my niece screwed over because my sister is a dumbass. 

I'm trying to find a way to help her out.

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