What if my potential co-signer has poor credit history?
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mattheus
Apprentice
Joined: 23 May 2008
Posts: 1
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 Posted: 08/09/08 - 05:56 Post subject: |
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I have been planning to start a business and I expect to get a pretty good profit from it. I will be mostly in trading and I seek to assure the best possible position. Now, I want to know one thing. What if my potential co-signer has poor credit history? If anyone could help telling me where to get such info, that would be great.
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davis
Apprentice
Joined: 09 Sep 2006
Posts: 1
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| Posted: 09/08/08 - 01:33 Post subject: |
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| Generally, the secure loans are the best, since you have something to cover it with, but if you have too much of a collateral, it may also ruin you. However, if you have a good credit rating, ambitious but realistic business plan, a good idea, and a strong collateral, you may be able to persuade bank to give you the best available rates and fees. It is important to have reliable co-signers, as they are the ones who will be able to cover you if you get into repaying trouble. It can be any person - some of your parents, a friend, but make sure it is someone you can trust. They should also have good credit score, though it is not their loan, so it is not strictly required. |
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