Bad Credit Resource Center

If you have very poor credit scores following a bankruptcy or other financial disaster but need to get a loan, consider getting a co-signer.  If your co-signer has assets or a better credit record, you may qualify for a better loan rate. 

However, be cautious - if your co-signer can’t or refuses to make payments, then both of you will suffer the credit consequences.  Co-signers share responsibility for loans and credit - both of you will have worse credit scores if one of you does not pay.

On the positive side, if your co-signer has good credit and payments on the loan are made timely, then the co-signed loan can actually boost your credit score.
 

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