Co-signing for loans perhaps may be one of the dumbest moves you can ever make. If ever you’re lured or tempted into helping a family member or friend get a loan, your act of kindness may actually do a lot of damage to your credit score. Because you agreed to co-sign, if the other person is late in making payments, your credit report will get a major blow in credibility. Co-signing also means that the individual you were co-sign for was not able to get the loan without your signature. Always be wary of co-signing a loan, especially if you cannot guarantee that the person will be able to pay his or her payments on time. If you want to co-sign for a loan, other party should be trustworthy enough.
