One thing financial experts agree is almost always a bad idea? Cosigning a loan.

The reason the bank requires a cosigner in the first place is that they don’t believe the person applying for the loan will make the payments. Do you know more than the bank?

If the borrower misses payments, the lender will come after you for the money. And your credit score will take a big hit.

It can be tough to say no to a friend, or even worse, a family member. But this is the kind of thing that often destroys relationships. You might try helping find a better option. For example, if it’s your college student kid asking, check to see if there are federal loans, grants, or scholarships they qualify for instead.

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