I don't have the best credit in the world but am working on changing that. I need a loan but can only get a loan through certain agencies. They all turned me down. If my boyfriend co-signs for me (who has good credit), but I make all of the payments until it is pd. for, will it look good on my credit or his? Please help.
2007-03-06 13:50:47 · 7 answers · asked by stretch 1 in Business & Finance ➔ Credit
As long as you are PRIMARY on the loan. Some state report on the Cobuyer, but many do not. (Michigan is one of them)
If your boyfriend has good credit, and you do not.. alot of times finance companies will "flip" the buyer/cobuyer and place him as PRIMARY and you as COBUYER, in order to give you a better interest rate and a lower payment.
If you need to build credit, check and see if the finance institution reports to credit bureaus on the Cosigner... just in case.. so you can get the better rate and the better credit score.
2007-03-06 14:16:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The item will appear on both of your credit reports. If you're name is first, you will get more pts for it than him. I think one loan officer said it was something like 15-10 of 10-5 (either way you get the picture). Anyway, as long as the item is paid in full, it will help both of your scores.
2007-03-07 02:10:18 · answer #2 · answered by reandsmom77 6 · 0⤊ 0⤋
It shows up on both credit reports. It would be just as 'good" for your report as if you'd gotten the loan by yourself.
2007-03-06 14:40:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It will look good on your credit! It's a good way to build if you don't have credit or if you don't have good credit. I co-signed for my brother and he now has good credit.
2007-03-06 13:54:05 · answer #4 · answered by sjsalerno 2 · 0⤊ 0⤋
once you're making your usual funds, each little thing will be ok and it will be a plus to both your credit ratings. in case you omit funds or have overdue funds it is going to mirror on both your credit ratings. that means that in case you shrink to rubble it impacts your Dad's credit. Been there, accomplished that, regrettably.
2016-12-05 08:39:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Both...but if you default or become late on any payments...the creditors go after him and his credit rating gets hurt.
2007-03-06 13:58:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yes
2007-03-06 13:53:56 · answer #7 · answered by kitty 6 · 0⤊ 1⤋