cosigner

A cosigner is an individual who signs a loan along with a primary borrower, promising to repay the loan amount if the primary borrower cannot. The addition of a creditworthy cosigner can normally help a borrower with limited or poor credit history to obtain a loan.

Cosigner can also refer to an additional signer on a checking or savings account who can deposit and withdraw funds and who is usually jointly responsible with other signers on the bank account for any overdraft and other fees.

The term is often spelled co-signer.

“If you have credit scores of 720, 700, and 690, and your cosigner has scores of 660, 640, and 620, the score that counts for qualification purposes is 640.”
—”What Credit Score Do You Need For A Personal Loan?” Rocket Loans. Retrieved March 15, 2020.

“The cosigner’s credit history doesn’t show up on your credit report. Instead, all that shows up is your own payment history.”
—Steve Buccie, Credit Repair Kit for Dummies, 4th edition, page 172, John Wiley & Sons: 2014.

“Your cosigner’s income history can potentially help you qualify — just be sure you only borrow as much as you can pay back on your own.”
—”How to Apply for a Personal Loan With a Cosigner” GOBankingRates. May 14, 2016.

• loan
• personal loan
• signatory
• cosignatory
• cosign
• creditworthy