If the questions from part 1 get a person ticked off, that’s great. If they are serious about you helping them, they will not have an attitude or be sarcastic. If they are willing to treat you this way, consider how they would treat a creditor that they do not know. If they are not willing to put in the time and effort to do the things necessary to get credit on their own, this is also an indication that they have not learned their lesson.   

Yes I know you may be considering co-signing because your spouse has faith in your grown child that has not given any indication of changing his spending habits. If you are tired of hearing emotional reasons from your spouse, your friend or child and decide to co-sign anyway, if I were you I would do the following things. Have the person sign a side contract with you that they will pay on time each month.

Have them prove to you that they have made payments on time each month. Have them agree to try to get the loan without a co-signer in a year. If they do not agree to these terms, I would tell them to go jump in the lake.

If you want to gamble on whether or not to so-sign for someone, please remember that if they do not pay, they are not only coming after you, but you should also be prepared to accept your credit score going down and being able to pay the debt yourself. If you need some advice about so-signing, call me at 313-744-5977 or e-mail mea t [email protected].