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E OF BIRTH PRESENT EMPLOYER / / HOW LONG? ADDRESS CITY STATE WORK PHONE NUMBER FAX EMPLOYED AS SALARY $ OTHER INCOME SOURCE PER BANK ADDRESS ACCT # ****************************************************************************************** / / CO-SIGNER NAME HOME PHONE # CELLULAR PHONE / CITY RESIDENCE STREET ADDRESS OWN? / STATE IF NOT RENT FROM? SOCIAL SECURITY NUMBER: - - DATE OF BIRTH PRESENT EMPLOYER / / HOW LONG? ADDRESS CITY WORK PHONE NUM.

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Someone adding you as a cosigner without your permission can have several negative consequences. The debt will be added to your credit reports, increasing your debt-to-income (DTI) ratio. As a result, it can make it more difficult for you to qualify for an auto loan or mortgage.

The Bottom Line. A co-applicant can increase the loan funds you qualify for, so if you're contemplating a large purchase, it may be wise to have one. If you just need a good credit history to gain a lender's confidence, a co-signer will likely suffice.

Gathering information and documents Credit history, credit score, income, debts, employment and other financial details are all likely to be considered as part of the loan application when you agree to become a co-signer for someone.

Your lender will check your cosigner's credit report and credit score. Your cosigner will need to provide their full name, address and Social Security number so the lender can pull their credit. Having your cosigner check their credit in advance can help you avoid surprises.

The bank or lender may require pay stubs for employed co-signers; if the cosigner is self-employed or a business owner, the bank may require income tax returns for previous years.

Get a co-signer However, since the account is in the co-signer's name, they will be held responsible for any late or missed payments, so make sure you pay your bill on time and for the full amount.

Before you agree to cosign a loan, ask the main borrower to make a budget and show you how they'll repay the loan. Make sure the monthly loan payments are affordable for both of you. If the borrower loses their job or has a change in finances, can you afford to pay the loan?

As co-signer, you should receive an advisory notice from the lender before signing the loan agreement, and it generally contains some of the following information: You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn't pay the debt, you will have to.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232