Single Men and Their Financial Blunders
3. Cosigning for a Loan
There are many upsides of having a partner with good credit rating and excellent great history. The one with good credit history can assume the role of a guarantor in applying for a loan. So, if the guy has awesome credit rating, his beloved can benefit from it. But this condition has a downside – if the partner defaults, the guarantor will be the scapegoat. So, if the man with good credit rating acts as the guarantor and his lady love defaults, then the guy will be in a thicker soup. Most of the times, debt collectors approach the man first. So, if the guy is cosigning for a loan, he must educate his partner regarding improving her credit score.
