does having a co-signer not generate as much good credit w/out one?

Question

i would like to purchase a vehicle and build my credit at the same time. can this be done? does the positive credit reflect as much as if you did the loan yourself?

Answer 1

I think it's the same.

Answer 2

purchasing the vehicle is the start of building your credit. a co-signer will help with the process if your credit history is less than satisfactory according to the bank. a co-signers responsibility is to pay the loan if you fail to do so.
your credit starts to build when you start to make the payments. you will need to make your payments on-time and not be delinquent. remember: your payment history is tracked and viewed by the credit reporting agencies- experian, trans union and equifax. it's good to know what your credit score is when you go to purchase the vehicle. just go to annualcreditreport.com for a free report from all 3 credit bureaus.

Answer 3

a co-signer is a person who has an (good) credit history. they singn the paperwork saying that they will become liable for the debt if the primary person on the account does not pay because the primay acct. holder does not have an credit (payment) history. if you pay your bills on time your co-signer will be happy and so will your credit rating. also if you have an cosigner with an good credit rating you may be able to get an cheaper interest rate :)

Answer 4

If you need a co-signer, you can't afford the car. Defaulting hurts BOTH your credit scores.

Answer 5

how would the credit bureaus know if you had a co-signer or not?

Answer 6

cosigners are responsible for loan if you dont pay . and if you dont pay good it will hurt their credit also...................