A cosigner can be a parent, legal guardian, grandparent, spouse, relative, or even a friend.
To be approved as a cosigner, you must:
- Be a legal adult of 18 years or older
- Be a U.S. citizen or eligible non-citizen
- Have a credit history that demonstrates good credit, including meeting specific FICO score requirements for the loan you are cosigning
Be sure to understand the implications to you of cosigning. As a cosigner, you and the primary borrower share the responsibility of repaying the loan. You may need to communicate with the other party about repaying as agreed because if your family member or friend fails to repay as agreed, it will be up to you to do so.