NEVER CO-SIGN FOR A LOVER!! Some people will disagree with me on this but I tend to think those are probably the bad-debt carrying lovers seeking the hand-up and hand-out.
See, co-signing is the equivalent of saying "Yes, Bank of America… I agree to honor Tom's debt and make his payments if he falls on hard times… or leaves me for another woman." Oh hell to the no!
But most people don't look at it like that. THESE are the love-struck fools who generally think that because of "love", Tom should and WOULD OBVIOUSLY make good on his obligation/agreement to pay the loan off. But HOW MANY Judge Judy shows must one view to really see how things happen on a daily basis…
Kim eff's off her credit being irresponsible and trifling with her finances. She drives a 325i.
Kim meets Barry.
Barry has a good job and prime credit.
Barry lives within his means. He drives a Toyota Pathfinder.
Kim gives Barry the best sex he's ever had in his life and subsequently, Barry is sprung.
Kim "needs" a new car… a Mercedes Benz C230.
Barry, being the pussy-whipped clown that he is, offers to "help" Kim get a car with a cash loan/gift toward a down payment.
BUT WAIT! Even with the loan/gift, Kim still cant get a car because of her poor credit score. Not even a Corolla.
Kim cries and gives Barry mind-blowing brains.
Barry offers to co-sign the loan.
Kim gets a 525i with rims.
Barry ends up paying a few car notes during the relationship because Kim is still "struggling".
Eventually, Kim leaves Barry and her BMW for another clown who really takes care of her.Barry now has more debt than he can afford.
Gosh, poor Barry. :-(
OR HOW ABOUT THIS ONE…
Corey is a rapper or music producer or ball player (take your pick… any of these apply).
Because of his "skills" Corey makes lots of $ but only in spurts because he isnt employed full-time.
Corey has sub-prime credit.
Corey meets Alicia.
Alicia is educated with a great job and is what most call "I-N-D-E-P-E-N-D-E-N-T". She's a bad chick!
Corey wines and dines Alicia with his high-class lifestyle. He even discloses his income to her. Alicia feels "trusted" and privileged.
Corey decides he wants to buy a house but lacks the credit or job-history to qualify.
Because of his cash income and standard of "living", Corey insists on a $500K that he promises to pay for.
Since Alicia has seen his bank statements, she feels (comfortable?) putting the property in her name, confident that he can afford to pay the note.
They move in the home together.
Corey also convinces Alicia to finance the furniture needed for a house "like this".
Alicia does.
Corey doesn't get another contract for 6 months.
More money is going out than is coming in.
Corey makes promises of new jobs coming soon to appease Alicia.
Alicia goes deeper in debt to keep things afloat.
Facing the stress at home, Corey secretly begins seeing another woman who pads his pockets "til he gets another deal".
Eventually Corey leaves Alicia for the other chick.
Alicia is now in debt over an entire lifestyle that someone else put on her.
Stupid ass Alicia.
I don't know about you, but I don't feel sorry for ANYBODY that ends up in this situation. CREDIT SCORES are a VERY useful means of determining credit worthiness and BEFORE you decide to go signing your name on the line, you SHOULD investigate whether that gamble is a good one. There are instances where someone has encountered credit problems unexpectedly and is proactively working to correct those financial issues (sickness, unemployment) and its okay to examine those cases to see IF that person is responsible enough to co-sign for. But I'm just saying, MOST OF THE TIME, people who need co-signers are living OUTSIDE OF THEIR MEANS. They're attempting to live like Kimora on a Keylolo budget. Instead of using windfalls of money (tax refunds, settlements, gifts, bonuses) to satisfy bad debt and put some away for a rainy day, they go on TRIPS and shopping! They buy cars and pop bottles in the club. THAT SHIT AINT CUTE! Aint nuthin FABULOUS about bad credit!!!
So anyway, just take my advise and don't do it. If you really love your significant other, I'd suggest sitting down with him/her and going thru their finances to come up with solutions on how to pay down their debt and increase their OWN personal credit scores. Hell, if you just feel generous, you can even GIFT some money towards helping that person pay down debt… a GIFT of GOOD FAITH that he/she will make better money decisions based on this "blessing". But DO NOT assume thousands of $$$ of debt for someone who cant even convince the bank that they are "good for it". Hell, if 30 banks denied the loan, WTF are YOU doing jumping on that sinking ship???
OUT!
.jpg)
No comments:
Post a Comment