How Does Having A Cosigner For A Loan Affect My Credit Score?
Posted by admin on October 10th, 2009 at 06:44am
In doing a consolidation loan it comes to my attention that I may need a cosigner. Will this affect my credit score in any way in regards to the loan, assuming all payments are made as scheduled and the loan is paid off early? For example, would my credit score be better off if I were able to secure the loan without a cosigner?
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3 Comments for How Does Having A Cosigner For A Loan Affect My Credit Score?
1. PoliPino | October 10th, 2009 at 7:12 am
A cosigner won’t affect your credit…but it will affect theirs. If you miss a payment or are late their credit takes a huge hit. Loans are always better to secure by yourself unless YOU ABSOLUTELY HAVE TO HAVE A COSIGNER. Apply for the loan and the bank will tell you if you need one or not.
2. the_prai | October 10th, 2009 at 7:44 am
Having a co-signer should have no effect on your score. To get the loan now, they will use your co-signer’s credit score to help you get approved. In terms of your score, as long as the loan is paid, your score will improve the same amount no matter if you have a co-signer or not, I believe.
3. snazzy4r | October 10th, 2009 at 8:07 am
Before you sign, be sure they are a member of NFCC org. To see, check http://www.nfcc.org. If they are not, they will rip you off. A cosigner may ruin their own credit if you default on payments. NO ONE should EVER co sign for anyone.
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