The reason why i asked, because I had cosigned this loan and is paying for everything, can this help my credit rating or the person who actually sign will get credit?
2007-09-22 10:50:33 · 4 answers · asked by Samuel C 1 in Business & Finance ➔ Credit
Finance is what I do for a living and the correct answer is the pay history is reported on both the primary signer and the co-signer.
When someone looks at your credit the only thing they will see is either a J for joint or a C for co-sign under the lenders name on the left side of your report.
No one will know who is the primary and who is the co-signer.
2007-09-22 11:23:38 · answer #1 · answered by ? 7 · 2⤊ 0⤋
While Spiffman is 100% correct...I know of banks who do not report correctly, and therefor the co-signer does not get any benefit.
For example...Several years ago my Dad and I bought a car together (I didn't have enough history to get it in my name alone). The dealer suggested that if we put my Dad 1st on the loan that I could get a better interest rate. So that is what we did...My name was on the loan, the bills came to me...the payment history was never reported. So if you find this is the case, call the lender and they will change it to make it report...but sometimes you need to give them a nudge.
2007-09-22 12:04:04 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The person you signed the credit gets all of the negative and positive from it. The co-signer does not come into play unless the original borrower defaults.
2007-09-22 10:54:04 · answer #3 · answered by Anonymous · 0⤊ 3⤋
Maybe , see what they say here . . .
http://en.wikipedia.org/wiki/FICO_score
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2007-09-22 10:54:51 · answer #4 · answered by kate 7 · 0⤊ 2⤋