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16 August, 23:37

When applying for credit, what is a co-signer?

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  1. 16 August, 23:41
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    This is what a co-signer does. A co-signer is a person who is obligated to pay back the loan just as you, the borrower, are obligated to pay. A co-signer could be your spouse, a parent, or a friend. The lender cannot require your spouse to be a co-signer unless you are both applying for the loan.
  2. 16 August, 23:47
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    When you're approved for a credit card with a co-signer, you and the co-signer become joint account owners and are both responsible for repaying the balance.
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