Would you co-sign a loan with a family member who seems careless with money?

I have really shitty credit so I don’t need to worry.

@johnpowell You always just know how to get out of things. I don’t know whether thats a good thing or a bad thing. LOL

No. Explain to them that you would like to help them but you just can’t. There is too much at stake for you. You can’t risk it. You’re sorry. No can do.

No. Period.

I wouldn’t co-sign at all.

No chance.

Nope. The only exception I can think of is for one of my children or my husband, and only if it would save their life.

Yes, I would be honest as to why.

Yes, I have and I was sorry every time.

@augustlan So you would tell them that you won’t co-sign because you think they are reckless with their money and the last thing you would ever want is to have your credit linked with theirs because they will sink you like the Titanic?

@Pandora Well, not in those words, no. Honesty doesn’t have to be unnecessarily hurtful. But, yes, I’d tell them that I don’t think their money management makes them a good risk.

Only if it is somebody very close and you can afford to never see that money again. In that case, just make an outright gift of the cash, save the relationship and they might surprise you by paying it back. But cosign? No way. Building credit is up to them to do alone.

NO. Even if it’s a famil;y member I won’t get myself into this trouble. I would, on the other hand, just lend them some money if they need them for a business of some sort.

Holy cow. Its late. I’ll read the rest of the answers later today. Thanks and have a good night.

No. Recipe for a family rift.

I would be straight up and tell them I can’t co-sign and why, then I would proceed to work with them on making themselves more financially stable. I have helped friends that have found themselves with with much debt find the answers they are needing by looking at their finances with them. If help wasn’t something they wanted then it just re-assures me that I made the right decision in not co-signing. Credit is something that can not only prevent you from getting a loan or credit card but these days they look at your credit report for insurance, and a new job. This can effect your own finances as well if they ruin your credit by you co-signing. Do you want to be paying more for insurance or get turned down for a job because of someone else???

I’ve watched enough Judge Judy to know you should never co-sign a loan. No matter how close your relationship is…

No, if a bank wants you to co-sign a loan you close your account with them and never give them your business ever again. When a bank asks you to co-sign a loan, that is them basically saying “oh yea, we like giving loans to just anyone, so long as they can find someone else to take the fall”.

A bank that wants someone to co-sign is basically telling you, we are not smart enough to figure out who will pay us back and who wont, we are a source for much misery.

No. Especially if I knew I would end up having to pay.

They’d laugh me out of the bank so there wouldn’t be any point.

I have never co signed for ANYONE!! I just say, “I have always made it my policy to never consign for anyone.”

If you watch Judge Judy you will know that the answer is no. It not only damages your credit but it can damage relationships as well. Personally speaking I would co sign for certain family members on the understanding that I might end up paying it off myself.

NO.
The correct answer is no.

No explanation needed.

No, my sister has used me as her personal piggy bank for years and I said NO. I’ll lend anyone a little bit of money and I’ve rarely asked for it back, that’s ok but when somone is trying to take advantage it’s time to put your foot down and say no unless you set up a budget for them so they can payback the loan in a timely manner.