Posted on 01/18/2014 9:29:46 AM PST by SunkenCiv
Edited on 01/18/2014 9:33:09 AM PST by Admin Moderator. [history]
Never co-sign on a debt that you don’t plan on paying back yourself.
Credit cards secured by a savings account are probably the best for that. I got one after I got divorced back in '92 because my rating got pretty much trashed, and it was frustrating not having any kind of major credit card (You can't rent a car or get a hotel room, for example). Once I got that, I started reading up on how to fix my credit profile, and there is actually quite a lot a person can do to get things back in order. It will take many years to get it back to perfect, but there are a lot of things that can be done right away.
Had one where she co signed sisters (and brother in laws) boat loan. Sister didn’t get the concept of paying on time! Not a nice thing to do to family member!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.