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Author: AZHockeyFool Three stars, 500 posts Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310159  
Subject: Re: Do NOT apply for a Capital One credit card!! Date: 8/28/2004 7:15 PM
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A low fico score can be very costly. A buddy of mine picked up his lifetime dream car, a lexus RX330, yesterday. Since he made the mistake of co-signing a loan for his stepdaughter, and she made two payments late last year, his score is 674. That made his payments, according to the Lexus dealer, $30/month higher. If he had been over 700, he would have saved about $1400 over the 48 month term of the lease.

And this goes to show why cosigning <> good.

Has he told his stepdaughter what her mistakes are costing him? Putting some guilt on her might be a good thing - at least make her realize that paying late does have an effect on things, if she doesn't realize that already. He could ask her to pay that $30/month amount as well, since she tainted his name by needing him to vouch for her.


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