Co-signing during a Proposal?

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Co-signing during a Proposal?
« on: September 26, 2014, 05:29:15 PM »
History is, I'm currently in a Consumer Proposal(just I'm on it) and we are currently looking at a secured loan.  Due to my previous bad credit, we have been using only his credit and his debt-service-ratio is a little too high for them to consider without my income added. 

Though we have decided to wait until next year and pay down more debts to lower the ratio and help his credit score, it did get me thinking.  Can we even consider adding me onto an application? My credit score is so-so and other than the consumer proposal I have a low limit unsecured credit card received after the proposal was filed that we keep paid down. I think it would be a bad idea to add me onto it and not help get the loan.

Anyone have any experience with something like this? Everything I've read is about getting a co-signer for the person doing the proposal not the other way around.



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Re: Co-signing during a Proposal?
« Reply #1 on: September 27, 2014, 08:34:29 AM »
You are potentially adding more debt if your partner defaults. There's nothing against it, per se, but if a creditor learns that you are getting more credit while insolvent, it's not a good thing. If, for whatever reason you go bankrupt, the trustee would very much frown on it.


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