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Cosigned a $2,500 loan for my buddy in 2019 and learned more than I wanted about credit
He swore it was a 12 month thing and I believed him because he had never missed a rent payment in 5 years of us living together. It took him 3 years to pay it off, and every late notice hit my credit report before it hit his mailbox, which dropped my score from 780 to about 690 and killed a car loan rate I was shopping for. Did anyone else cosign young and figure out later that the bank barely checks in with the cosigner at all?
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daniel_gonzalez1mo ago
A $2,500 loan costing you 90 points on your credit score is the most expensive friendship tax I've ever heard of. The bank treats the cosigner like a spare tire, you only hear from them when something's already gone flat. Next time he asks, tell him you'll cosign right after he pays you back for the last one.
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