${site.data.firmName}${SEMFirmNameAlt}
East Orange: 973-677-9000
Paterson: 973-247-9445
Jersey City: 201-659-6226
Toll Free: 888-827-5493
FREE Initial
Consultation Se Habla Espanol
Go to Practice Area Categories

Loan co-signing requests on Craigslist should be avoided

When your credit score is low and you desperately need to obtain credit for whatever reason, it can be tempting to use unconventional methods to either obtain needed credit or quickly raise your credit score in an effort to obtain better credit down the road. However, it is critical that you seek credit or attempt to raise your credit score in safe ways.

Recently the popular community website Craigslist has featured ads from individuals seeking co-signers for various types of loans. These individuals may paint their credit as excellent, poor or somewhere in between. It is unadvisable to seek co-signers on Craigslist and to accept another's ad seeking a co-signer. In addition to the fact that co-signer responsibilities include liability for this stranger's activity on the loan, you could wind up with a far less desirable credit score after this transaction has been completed than before you entered into it.

If an individual is seeking a co-signer on Craigslist, that person likely has very poor credit or is trying to scam responders. When you co-sign a loan with someone who has very poor credit, not only does it drag your credit down, but you could be put on the hook for their loan if they fail to pay it. In addition, it is not wise to seek co-signers online because you have no way of knowing if their credit will hold up or what kinds of personal information they could seek about you as co-signer of your loan.

When your credit is poor, it is best to seek the advice of an experienced attorney or financial planner in order to determine your next steps. Please avoid "quick fixes" on the Internet like Craigslist co-signers, as you will likely regret this decision later.

Source: CNN, "Desperately seeking co-signers -- on Craigslist," Blake Ellis, Nov. 8, 2012

No Comments

Leave a comment
Comment Information

PRACTICE AREA CATEGORIES

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

PROFESSIONAL ASSOCIATIONS

  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
Review Us
Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

FindLaw Network

qr code

EAST ORANGE
OFFICE
7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
Fax: 973-675-5886
E-mail the firm

NEWARK OFFICE 168 Bloomfield Avenue
Newark, NJ 07104
Newark Law Office

Phone: 973-483-1333
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

PATERSON OFFICE 100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510
Paterson Law Office

Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

JERSEY CITY OFFICE 26 Journal Square,
Suite 603
Jersey City, NJ 07306
Jersey City Law Office

Phone: 201-659-6226
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

Back to Top