 TITLE: What Credit Score Does a Cosigner Need? CONTENT: How Does Cosigning Work?\n------------------------\nWhen asking someone to be your cosigner, remember they are doing you a favor. Without them, you may not be able to land a loan with favorable terms. It's a nice gesture, but also a huge responsibility that comes with a major risk. Here's why: If you lose your financial footing, die or simply decide not to pay, your cosigner will be completely on the hook for repaying your loan.\nLet's say you just graduated college and want to buy a car to commute to your first job. You have no credit and can't get approved for a car loan with desirable terms, so you ask your mother to cosign for you. If she cosigns, you're essentially borrowing her credit to secure your car loan. If your job doesn't work out and you can't make your car payments, your mother will be responsible for them.\nIf you believe you'll be able to repay your loan and feel comfortable asking a loved one to cosign, take these steps:\n*   **Explain why you need the loan.** It's unlikely that someone will agree to cosign a loan if they don't know what it's for or how it will benefit you. Have a well-thought-out rationale and explain it to your potential cosigner.\n*   **Reveal why you need a cosigner.** Let your potential cosigner know why you need their help. Be honest with them and inform them that you don't have the credit you need to obtain favorable financing.\n*   **Make their responsibility perfectly clear.** Inform your potential cosigner that they'll have to repay your loan if you can't or don't make your payments for any reason. Be sure they are comfortable with this responsibility. END