Debtconsolidationcare: Internet's first get-out-of-debt community
473,117 members

Internet's first get-out-of-debt community 472,096 members


Debt Consolidation Forums Debt Consolidation and Debt Settlement

age limit on cosigner



arn1976

Posts: 0
Credits: 247.5
[Donate]
Sub: age limit on cosigner
Sat, 01/12/2007 14:36

is there an age limit on a cosigner?my grandmother is 84 and she says she will cosign for me a loan



Top menu: 
Debt Settlement
Article Rating: 
DebtCruncher
DebtCruncher

Posts: 2266
Credits: 26972.880293007

Sub: #1 Reg B (Equal Credit Opportunity Act) specifically includes age iSat, 12/01/2007 - 14:36



Reg B (Equal Credit Opportunity Act) specifically includes age in its list of no-no's. Provided a person has the capacity to enter into a binding agreement, then a lender cannot discriminate against a person's age. [They can use age to give more favorable terms. Maybe they give senior citizen's a lower rate - in that case they can use a person's age]

However that doesn't mean the loan is guaranteed either ... it just means they have to evaluate her using the same objective standards as they evaluate every other applicant.


volleyballmom
volleyballmom

Posts: 4112
Credits: 28451.9

Sub: #2 Fins is correct...if they are at least 18 and creditworthy with Sat, 12/01/2007 - 11:16



Fins is correct...if they are at least 18 and creditworthy with the financial means to act as a co-signer.


finsfan13
finsfan13

Posts: 6812
Credits: 65204.3

Sub: #3 I don't think there is an age limit, other than having to be 18.Sat, 12/01/2007 - 06:36



I don't think there is an age limit, other than having to be 18. The creditor will just look at your grandmother's credit and determine that she has the money to make payments on a loan in case of default.

26.2
Detroit Marathon, October 2009


Add new comment

Full HTML

  • Web page addresses and e-mail addresses turn into links automatically.

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd><img>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.
Share post


Page loaded in 1.026 seconds.