How to Build Credit With a Co-Signer

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Building credit with a co-signer is a great way to gain good credit from scratch or repair bad credit, as it shows the bank that you can make timely payments on a loan. Get a co-signer to build up positive credit with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management & Credit
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Video Transcript

This is financial advisor Patrick Munro talking about how to build credit with a co-signer. A co-signer is just that. It's an individual that's deemed credit worthy by the bank and what they do is sign on your behalf, so that they will be responsible for the debt if you cannot make the payments. The reason why a co-signer is involved is that you will make the payments and show the bank that you have the ability to do so and eventually you can decouple yourself from the co-signer and be considered as a good credit risk on your own. It's an excellent strategy to start your credit life, but be mindful of the responsibility that you have not only to the bank, but to the person that put their good name on paper as a co-signer for you. If you're in a position that someone is willing to help you out to that extent, consider that as a very great task. This is a way to build credit with a co-signer. This is financial advisor Patrick Munro talking about how to build credit with a co-signer.

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