Cosigning for a loan is one of the dumbest financial moves you could ever make. By cosigning, you not only assume liability for the borrowed money, but you also make it tougher on yourself to qualify for large loans — regardless of your payment history — because lenders still include cosigned loans as part of your overall debt load.

The bottom line: If a lender refuses to loan money to somebody because their credit history strongly suggests they’d eventually default, why would you ever agree to recklessly risk your good credit rating by putting it in the hands of that same person?

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