Big Credit Mistake To Avoid - Never Cosign For A Credit Card! Avoid Bad Credit & Low Credit Scores!

Please understand that when you cosign for a credit card (or anything else), you are agreeing to pay back the debt if the primary account holder fails to do so. You become the joint account holder, and you act as a guarantor that the debt will be paid. You are on the hook for anything bad that happens with this card.

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So you have a friend who has credit problems. For some reason your friend allowed his credit to slip in his/her life. Maybe he/she never learned how to use a credit card responsibly. This friend, or family member wants a credit card. That actually sounds like a good idea if they want to start working on their credit. Get a credit card, start practicing good credit habits, and raise the score. Right? Wrong!!!

NOOOO! This scenario rarely ever works out right! What normally happens more often than not, the 'friend' that you cosigned for messes up along the way! Things are ok for the first few months, but there is that one time where they make a late payment! All it takes is one!

Guess who's credit is going to get hit hard for that late payment? Yep you guessed it...you! All because you decided to be the cosigner for a credit card of someone who wasn't paying their bills in the first place.

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