Co-Signing

[Broompilot]

This goes alone with the other post on Protecting your credit.

I have always been a big fan of since I discovered CFC and Larry Burkett who passed away two years ago on July 4th.

This man decided to to reserach the Bible on what was said in it about $. It is talked about 7 times more than Heaven and Hell combigned. So you think he knew we would be troubled with $?
If anyone would like more info on this WWWCrown.org or .com.
This is the man who tought me how to manage my finances.

One point Larry always made was NEVER EVER Never Co-Sign. You have no leaverage, all that can happen is the worst. If who ever you sign for child, parent, friend should not be able to pay back the loan you will be forced to or sued. No if and or buts. And do you think you can put a lean on the item you signed for? NOPE the only thing you have agreed to do by co-signing is exactly what it says co-sign you have agreed unconditionally to pay the lender back with no rights to the property.

And if they do pay it back it stays on your credit thus decreasing your purchasing power for if and when you may need it.

Sorry sweety (my daughter) but if Daddy cant afford to buy it and niether can you, you aint gettin it.

 

[Crazynuff]

Not enough peopke realize when you co-sign for someone it reflects on your credit as if you had taken the loan out yourself . I've seen my wife's credit report . The only negative points are 3 late payments her son made on a car she co-signed for . She had to take the car away and lose $3,000 on an upside down loan to protect her credit rating .

 

[Broompilot]

Those are exactly the stories I hear and council people thru. By the way I have taken the study courses thru CFC and if anyone ever needs any help I can steer you in the right direction.

This is a difficult business to keep your finances in order (one who has always done a great job it) but being out here on the road and not seeing my mail for weeks at time it is difficult to stay on top of everything. Greatfull for a understanding wife. I can understand how hard it would be to come home after being out for more than two weeks and have to open 50 pieces of mail. And if you had the above problem probably 75 100 envelopes.