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  #1  
Old 11-25-2007, 05:48 PM
halperin halperin is offline
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Default can you cosign a loan more then one at a time?

Can one person who has great credit cosign one loan when they have already cosigned another loan or do banks only allow them to co sign for one person?
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Old 11-26-2007, 10:30 AM
spex x spex x is offline
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Default Re: can you cosign a loan more then one at a time?

It depends on the person cosigning and the bank. I'm not aware of any hard rule that limits the number of times one can cosign, but each bank will have different criteria for what they'll allow.
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Old 11-28-2007, 03:29 AM
Ray Zee Ray Zee is offline
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Default Re: can you cosign a loan more then one at a time?

thats interesting as i dont know if you co- sign a loan it goes onto your credit report. that would make a difference as other banks might not know of it otherwise and probably wouldnt ask anyway.

but people that co-sign loans put themselves at great risk for little gain, even for a friend or relative you are pledging alot of your personal assets and future credit for someone that hasnt bothered to worry about theirs.
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Old 11-28-2007, 10:55 AM
Brad1970 Brad1970 is offline
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Default Re: can you cosign a loan more then one at a time?

The probable answer is yes, but as Spex pointed out it depends on the bank/institution & the cosigner's personal financial situation....more heavily on the latter.

Any debt instruments that you cosign for will be reported on your personal credit report. Doesn't matter if it is revolving debt or installment debt.

Cosigning is usually a very bad idea.
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  #5  
Old 11-28-2007, 03:04 PM
spex x spex x is offline
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Default Re: can you cosign a loan more then one at a time?

[ QUOTE ]


Cosigning is usually a very bad idea.

[/ QUOTE ]

Yup, thats why you can usually only get your parents or someone else that has an irrational belief in your abilities to do it.
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