194k views
1 vote
When applying for credit, what is a co-signer?

User Jfrumar
by
7.7k points

2 Answers

4 votes

When you're approved for a credit card with a co-signer, you and the co-signer become joint account owners and are both responsible for repaying the balance.

User Alireza Peer
by
7.8k points
2 votes

This is what a co-signer does. A co-signer is a person who is obligated to pay back the loan just as you, the borrower, are obligated to pay. A co-signer could be your spouse, a parent, or a friend. The lender cannot require your spouse to be a co-signer unless you are both applying for the loan.

User Vijay Nirmal
by
7.3k points

Related questions

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.