Student loan co-signer

[Crystal]

What is better for my student loan – a cosigner with bad credit or no cosigner at all?

My credit is probably not good enough, and the only co-signer I can think of is my mother who has bad credit. She filed bankruptcy 5 years ago, but since than she’s doing o.k. and is more responsible with her financial matters.
What would make my chances of getting approved better? No cosigner or a cosigner with bad credit? Thank you.

[Tracy Winters]

It’s not up to you to decide

You’re missing the whole point of a cosigner, which is to have someone with good credit to offset your credit problems or lack of credit, and share responsibilities & liabilities in paying the loan.

So you see, someone with bad credit simply cannot be a cosigner. A cosigner with bad credit has no value to the creditor.

The second thing to understand is that the decision is not yours. If the creditor approves you w/o a cosigner – good for you. If they want a cosigner, chances are that your mother won’t qualify.

What you need to do is to try and pass it yourself. If they’ll insist on a co-signer (chances are that they will) then you’ll need to find a cosigner with good credit in order to get a student loan.

[Author]

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