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age limit on cosigner

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Posts: 2
Credits: 247.5
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is there an age limit on a cosigner?my grandmother is 84 and she says she will cosign for me a loan




finsfan13

Posts: 6933
Credits: 65210.65

Sub: #1 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.




volleyballmom

Posts: 4143
Credits: 28451.95

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.




DebtCruncher

Posts: 2298
Credits: 26979.080293007

Sub: #3 Reg B (Equal Credit Opportunity Act) specifically includes age i
Sat, 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.




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