- 1). Check your own credit first. Problems with your credit, such as errors that can lower your score, might hinder your ability to qualify as a cosigner. Go to Annual Credit Report.com, the official site sponsored by the three main credit agencies that provides one free credit report to each consumer per year per agency, pull your own personal reports and check these reports for accuracy. Contact your creditors to have them investigate and remove errors.
- 2). Review your outstanding debts. Excessive debts can disqualify you as a cosigner. Cosigning a loan for someone adds a new debt in your name, and if you already have other loans in your name, the lender may conclude that you can't afford an additional expense.
- 3). List your name, address and Social Security number on the loan application. The primary borrower supplies his personal information, but there's also a space on the application that request information about any cosigners on the loan.
- 4). Print or make copies of bank statements or paycheck stubs. Cosigners must have income to support loan payments. Verify that you meet the qualifications by providing the lender with your income reports. Supply your employer's name and telephone number, if needed.
- 5). Sign the loan documents and request a copy for your records. You're officially a cosigner on the loan once you attend the closing and sign the documents with the primary signer. Make sure you comprehend the loan conditions before signing, such as the loan term, interest rate and payment amount.
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