i don't believe the car dealership! i don't understand if i co-signed and everything is in my name except the payments how can this increase her credit score?
2007-09-25 08:28:59 · 8 answers · asked by mahoganyd 1 in Business & Finance ➔ Credit
When you co-sign you are saying I will be responsible if the primary signer defaults on this loan.
Co-signed loans report on both peoples credit report all pay history weather good or bad.
When someone looks at your credit in the future all they will see is either a "J" for joint or a "C" for co-sign on the left side of your report under the lenders name. No one will know who is the primary signer and who is the co-signer.
Are you sure you are a co-signer? Even if you are the primary signer and your Sister is the co-signer she would still be required to sign the contract. Are there two signatures on it or just yours?
2007-09-25 08:34:36 · answer #1 · answered by ? 7 · 5⤊ 1⤋
I co-signed for loans for both of my children, and because they are making the payments on time my son's credit is extremely high, my daughters is also increasing. Co-signing means that in the event the person does not pay, they have you to come to for payment. Check the registration it should be in both of your names if so you co-signed if not think you might have problems
2007-09-25 10:56:07 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
OMG it doesn't - I hope you didn't sign the paperwork. Realize that they don't think she can make the payments so they want to come after your $$ when she can't pay back the loan. This is a great way to lose $$ and ruin your relationship with your sister. Want to help her? Have her save cash and pay for a car she can afford.
2007-09-25 08:32:54 · answer #3 · answered by Professional in FL 4 · 1⤊ 0⤋
I don't believe someone gave Spifiman1 a thumbs down. He's the only one who gave a complete answer.
If her name is not on the contract he did not co-sign, he bought the car himself.
2007-09-25 09:26:49 · answer #4 · answered by Anonymous · 3⤊ 0⤋
everything should be in her name for her to get credit after you co-sign. NOT YOUR NAME
2007-09-25 10:43:01 · answer #5 · answered by deb l 2 · 0⤊ 1⤋
You did what??? The whole kit and caboodle is your responsibility if your sis defaults on her loan..I hope you start saving just in case..I have to agree with Spifiman1 after all he does that for a living...
2007-09-25 10:14:33 · answer #6 · answered by Crazy cat lady >^ ^< 4 · 1⤊ 0⤋
If you "co" signed, everything should be in both your names- it raises her credit score if you have good credit because she gets tied into your good credit history.
2007-09-25 08:33:23 · answer #7 · answered by LB 6 · 1⤊ 2⤋
since when do you believe what car salesmen tell you. not good idea there. if all is in your name it will not do anything to your sisters credit. it cant.
2007-09-25 08:32:28 · answer #8 · answered by Aloha_Ann 7 · 0⤊ 5⤋