The Person I Would Prefer To Have As My Cosigner Filed Bankruptcy In 2004. Will I Be Able To Use This Person?

by **All** » Sat Mar 01, 2014 9:10 pm

I am about to apply for a student loan, but my best bet co signer filed for bankruptcy in 2004. I just need to know if it is at all possible for us to acquire the loan.

by **Eth** » Tue Mar 04, 2014 10:58 pm

So having a guy who went bankrupt four years ago is not going to help you, it's going to hurt you. You are far better off by going with someone else who has a better history.

by **matyas** » Thu Mar 06, 2014 2:21 am

Credit histories go back 7 years So having a guy who went bankrupt four years ago is not going to help you, it's going to hurt you. You are far better off by going with someone else who has a better history. ElBanditoRoso 67 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

by **Tuomas** » Thu Mar 06, 2014 5:57 pm

MrItty said: 1 Uh. Why would you *want* someone who filed bankruptcy to co-sign your loan? Your co-signer should be someone financially responsible, not just your bff... 67 months ago

by **Jorge** » Sun Mar 09, 2014 8:11 pm

Uh. Why would you *want* someone who filed bankruptcy to co-sign your loan? Your co-signer should be someone financially responsible, not just your bff...

by **Adisa** » Mon Mar 10, 2014 4:42 pm

Doesn't look good...but it depends... Whom the lender will accept as a cosigner is pretty much up to the lender. There is a VERY GOOD chance that someone with a bankruptcy, and likely a bad credit score, will be rejected as a cosigner. But, since bankruptcy can?t be filed again for at least ten years, some lenders will overlook it and consider the cosigner?s other attributes. Since you, hopefully, are not counting on the cosigner to make any of the payments, then all you care is that the cosigner is accepted by the lender so that you can get your loan. You can always just apply for the loan with that cosigner and see if it goes through. Once accepted, the cosigner?s poor credit history has no effect on you unless there is a default on the payments. In my counseling practice, I never recommend that anyone ever cosign for a loan. Statistically, there is a 50% or worse chance that the cosigner will end up making some of the payments. But then if someone else is willing to cosign for you, then that?s their problem and their decision. Sources: www.eclecticsite.com/financial.html Keitharoo 67 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

by **Jeremy** » Wed Mar 12, 2014 8:39 am

Whom the lender will accept as a cosigner is pretty much up to the lender. There is a VERY GOOD chance that someone with a bankruptcy, and likely a bad credit score, will be rejected as a cosigner. But, since bankruptcy can?t be filed again for at least ten years, some lenders will overlook it and consider the cosigner?s other attributes. Since you, hopefully, are not counting on the cosigner to make any of the payments, then all you care is that the cosigner is accepted by the lender so that you can get your loan. You can always just apply for the loan with that cosigner and see if it goes through. Once accepted, the cosigner?s poor credit history has no effect on you unless there is a default on the payments. In my counseling practice, I never recommend that anyone ever cosign for a loan. Statistically, there is a 50% or worse chance that the cosigner will end up making some of the payments. But then if someone else is willing to cosign for you, then that?s their problem and their decision.

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