I'm 21,and i just purchased a car,and i wonder by having a cosigner,will my credit score be raised,along with theirs
2007-07-17 11:42:20 · 5 answers · asked by i can only be me 1 in Business & Finance ➔ Credit
I just went through this with my step-daughter. As any other payment that you have works the same way. As you make (on time) payments, your credit will show the improvement. However, should you miss a payment or are late, guess who will be getting a call? This will effect your fathers credit as well. So don't screw up
2007-07-17 12:11:59 · answer #1 · answered by pappysgotitgoinon 5 · 0⤊ 0⤋
You credit score will be impacted by that line of credit (probably negatively in the short run, and positively as you pay it off)
2007-07-17 18:46:17 · answer #2 · answered by Elisabeth W 2 · 1⤊ 0⤋
yes your credit will increase because you both are on the loan and it is good to have a different types of loans on your credit report, that is an installment loan and it would reflect positive as long as you dont miss any payments
2007-07-17 18:47:17 · answer #3 · answered by JAzzY 2 · 1⤊ 0⤋
Yours will be raised IF YOU PAY EVERY PAYMENT ON TIME.
Theirs may be reduced however. An established borrower can be penalized for taking on extra debt.
2007-07-17 18:47:16 · answer #4 · answered by OPM 7 · 1⤊ 0⤋
Yes, as long as you pay on time you both will be great!
2007-07-17 19:44:33 · answer #5 · answered by Cali Girl 3 · 0⤊ 0⤋