Importance of credit

Yes I got burnt, not so long ago I co-signed a car for a cousin of my. Biggest mistake of my life, at the time this cousin was living with us. He had a good job was paying his rent on time so, I did him a favor, I co-signed a car for this knucklehead. The real knucklehead was me, for not listening to everyone else. This boy, not a man because he acted as a child; overnight, he change to a piece of turd. Who decided to skip on the payments after five months. I had to take the car away and let the finance company repo the car because they wouldn't let me put it under my name, it was sold for half the price owed; leaving me to pay the difference that is owed on the car, which I am liable for.

The lesson here is that credit is so important in almost any expensive purchase. My cousin had a nice payment for a car of the year. Without my credit he would have not taken advantage of the deal they gave him. But now my credit is tarnish and it will take a little extra time to re-establish my credit back. The problem with bad credit is that the lender will charge you more because you are a higher risk.

Think it twice before you help someone with your credit, especially in today’s market that it is very hard to get a loan done if you do not have good credit.