How to Renew a Line of Credit With a Co-Signer
- 1). Discuss renewing your line of credit with your co-signer. The co-signer must agree to renew the credit line. The bank will need proof of his promise to repay the debt should you default on the payments.
- 2). Visit your bank during your draw period and request an application to renew. The draw period varies by bank and type of credit line. For example, Wells Fargo reports that a home equity line of credit has a draw period lasting from one month to 10 years.
- 3). Complete the application and submit it to your banker. Provide any additional documents the banker requests, such as copies of recent pay stubs or other proof of income.
- 4). Sign your final loan documents, once approved. Bring your co-signer to the bank with you. Have your co-signer sign the documents at the same time to expedite the process.