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♥Juana♥
S Shared Loan Info..?
If I get a loan with my BF for $1500 and I have great credit is credit isnt, will my credit grow as we pay on it, or will it go down immediately because im taking on his low rate. He is good for the 1500 but im talking about in terms of my credit rate with me being the primary holder. Once its paid off, will my credit be better than before , or not as better because of his credit?
2007-08-01 05:21:55 · 1 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Your credit ratings are completely separate. The only thing joint here is the actual loan of $1500. If you both pay on it regularly and pay it off with no issues, your credit ratings will both go up.
Your credit rating will only go down if you are late with or miss payments on this new loan. Just applying for the loan will probably decrease your credit rating a few points, but not enough to really matter.
2007-08-01 05:29:42 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋