if you co - sign for a friends credit card, what is the danger to you if your friend fails to pay? a. you…

if you co - sign for a friends credit card, what is the danger to you if your friend fails to pay? a. you might get secured credit. b. you might have to pay extra money in taxes. c. your credit score might go down. d. your credit score might go up. please select the best answer from the choices provided

if you co - sign for a friends credit card, what is the danger to you if your friend fails to pay? a. you might get secured credit. b. you might have to pay extra money in taxes. c. your credit score might go down. d. your credit score might go up. please select the best answer from the choices provided

Answer

Brief Explanations:

When you co - sign a credit card and the primary cardholder (your friend) fails to pay, it is reported as a delinquency. This negative payment history can lower your credit score as you are equally responsible for the debt. Secured credit is not a danger in this case. Co - signing doesn't directly affect your taxes. And a missed payment won't cause your credit score to go up.

Answer:

C. Your credit score might go down.