A co-signer signs on to a loan (or credit card) to help a primary borrower qualify or get better terms. While monthly loan or card payments are the primary borrower’s responsibility, when you’re a co-signer, you’re agreeing to make monthly payments if the primary borrower can’t.
The ideal co-signer should have a high credit score and/or make more money than the primary borrower. Lenders review both the primary borrower and co-signer’s credit history and income during the application process. The co-signer’s stronger financial and credit profile should increase the chances of loan approval for the primary borrower.