I guess the person with the highest CBR score is the one who determines the rate, but would both people on the loan have their CBR scores affected? My credit is worse than my wife's, but I am wanting to get my credit back on the positive path, and we co-signed on an auto loan. Will this help me at all, or will it be my wife who gets the CBR boost?
2006-07-17 12:29:30 · 5 answers · asked by kevinwill1 2 in Business & Finance ➔ Credit
Yes it will give your credit a boost if you make your payments on time. Its primarily on your credit but hers just helps you become approved. It stays on hers and yours until its paid off.
2006-07-17 12:38:30 · answer #1 · answered by Sweetask 6 · 0⤊ 0⤋
This sure will! My dad got a loan for my car and I'm co signing it and my interest rate is based on his credit score yet the bank is taking the payment from my account and it positively affects my credit. Good going!
2006-07-17 12:33:47 · answer #2 · answered by Gorgeous 5 · 0⤊ 0⤋
Yes it will help you out if you pay on time. A co-signer is like a just in case person. Without them signing you wouldn't qualify. so just in case you don't pay the person who co-signs then is responsible and then becomes responsible and credit begins to get effective
2006-07-17 12:37:25 · answer #3 · answered by dido45dido 3 · 0⤊ 0⤋
Both will have an effect on their credit scores.
2006-07-17 13:23:52 · answer #4 · answered by John H 4 · 0⤊ 0⤋
Both.. Equally
2006-07-17 12:34:06 · answer #5 · answered by dbrady 5 · 0⤊ 0⤋