Quote:
Originally Posted by ruddstud
My sister in law wants us to cosign for a vehicle (20,000). Does this go on my credit report that I "owe" this money? Will it affect my ability to buy and sell our house? Are there ANY implications that might affect me getting credit etc????
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Absolutely it will affect your credit. Its basically the same as you going in and applying for a $20000 loan on your own. It will definitely affect the amount you can get for a mortgage assuming you are over 8% in debt servicing costs. If she misses payments and they can't get a hold of you it will ding both your credit ratings, not just hers.
I would only do this in certain situations. Be careful.