Co Signer For a relative.... (tips on getting a used car?)

For just about anything you want to get off your chest about credit cards.
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nismoZtuner
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Postby nismoZtuner » Fri Mar 21, 2014 5:35 pm

daniel2304 wrote:You just got approved for a CSP with 5.8k and want to put 5K on it? Are you sure?



Why not?

It will ALL be paid of before the closing date..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
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Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22


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nismoZtuner
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Postby nismoZtuner » Fri Mar 21, 2014 5:37 pm

Dr.Mark wrote:I would sell a kidney to be able to get a CSP from here in the UK.



Is it really that special?

I was approved and had no reaction. what got me exited was my credit limit (highest at the moment)
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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nismoZtuner
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Postby nismoZtuner » Fri Mar 21, 2014 5:39 pm

augiedog wrote: Save your credit since the auto loan will affect your ability to request CLIs and apply to new CCs as well.



i was actually thinking about that. I just got approved for the CSP 2 days ago- havent received the card yet
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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Dr.Mark
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Postby Dr.Mark » Fri Mar 21, 2014 6:05 pm

nismoZtuner wrote:Is it really that special?

I was approved and had no reaction. what got me exited was my credit limit (highest at the moment)


Well, it is a quite exciting card, with some interesting benefits. It appeals to me more than it does to you probably because I have no access to it from here. And, let's be honest, it is a pretty nice card to look at, isn't it? :cool:
[font=Times New Roman]American Express PRG[/font] [color=green][NPSL][/color]
[font=Times New Roman]British Airways American Express[/font] [color=green][9000£][/color]
[font=Times New Roman]American Express Platinum Cashback Everyday[/font] [color=green][6000£][/color]
[font=Times New Roman]Barclaycard Platinum[/font] [color=green][16600£][/color]
[font=Times New Roman]Virgin Balance Transfer[/font] [color=green][9600£][/color]

TCL - [color=red]41200£[/color]

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nismoZtuner
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Postby nismoZtuner » Fri Mar 21, 2014 6:32 pm

Dr.Mark wrote:Well, it is a quite exciting card, with some interesting benefits. It appeals to me more than it does to you probably because I have no access to it from here. And, let's be honest, it is a pretty nice card to look at, isn't it? :cool:


yup that is true, its a metallic card just like the Marriott card.
my 2nd metallic addition!

I remember seeing a red American express card but its not available in the US- now that is cool
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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otter
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Postby otter » Fri Mar 21, 2014 6:59 pm

cashback wrote:Don't do it. The risk is not worth the reward.


+1

I don't usually watch all the court tv programs on TV (Judge Judy, People's Court, etc) but when I do they are dominated by cases where people with great credit cosigned for a relative/friend/f_kbuddy/etc. and got screwed.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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nismoZtuner
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Postby nismoZtuner » Fri Mar 21, 2014 7:01 pm

otter wrote:+1

I don't usually watch all the court tv programs on TV (Judge Judy, People's Court, etc) but when I do they are dominated by cases where people with great credit cosigned for a relative/friend/f_kbuddy/etc. and got screwed.


I`ve seen them as well, just wanted an opinion here..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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Vattené
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Postby Vattené » Fri Mar 21, 2014 7:53 pm

otter wrote:+1

I don't usually watch all the court tv programs on TV (Judge Judy, People's Court, etc) but when I do they are dominated by cases where people with great credit cosigned for a relative/friend/f_kbuddy/etc. and got screwed.


nismoZtuner wrote:I`ve seen them as well, just wanted an opinion here..

And I'm sure a ton of cases like that (both literal court cases and just similar situations) started out with the cosigner thinking the other party was absolutely trustworthy. Obviously I don't know your uncle, and I'm sure you would consider him quite trustworthy and honorable for you to be taking this seriously, but there is a good reason they say not to mix family and money.

I wouldn't feel comfortable doing it, just because I wouldn't want to pay for a car that wasn't even mine. It may be the worst-case scenario but that is literally what you are signing on for.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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nismoZtuner
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Postby nismoZtuner » Fri Mar 21, 2014 7:56 pm

Vattené wrote:I wouldn't feel comfortable doing it, just because I wouldn't want to pay for a car that wasn't even mine. It may be the worst-case scenario but that is literally what you are signing on for.


I'm going to have to skip on this then..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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Vattené
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Postby Vattené » Fri Mar 21, 2014 8:04 pm

nismoZtuner wrote:I'm going to have to skip on this then..


Chances are probably pretty slim that you wouldn't be out anything and it would help him out (even if marginally so given your short history), but this is the nature of risk. The potential loss is just too great, so I think this is a wise decision.

Hopefully your uncle understands!
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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