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I want to apply for a loan, and the documents say that getting a co-signer should improve my chances of approval and interest rate. Problem is, I really don’t know anyone with very good credit, but I know I have good credit. So, would getting a co-signer on a loan with worse credit than me hurt me?

4 Thoughts on If a co-signer has a worse credit score, is it better to have no co-signer?
  1. Reply
    A Hunch
    May 23, 2013 at 2:09 am

    yes – having a co-signer will hurt your ability to get the loan.

  2. Reply
    stan c
    May 23, 2013 at 2:39 am

    You’ll have to find another way to build your credit. If you’re employed at least 12/18 months with $ 300 in a savings account, you might be able to get a secured credit card from a bank. Make sure they belong to the credit bureau

  3. Reply
    Chris
    May 23, 2013 at 3:35 am

    Co-signer is never a good idea. Small loan is ok, dealing with auto loans or mortgages, that’s the problem. It can ruin friendships and family.

  4. Reply
    Pablo
    May 23, 2013 at 4:29 am

    You’re exactly right, if your co-signer has worst credit than you, then it’s not worth it. if you have good credit, and a stable job history you might as well just go it alone. Good luck!

    Cheers!

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