I do not have a credit history and my brother in law agreed to co sign for me. But the dealer made my B-in-law main applicant and me as a co-signer as I did not have credit background. I am gonna pay the loan when it is approved and wondering if this will help in building my credit. The FM manager at dealership is saying repaying this loan will build both our credit. Would appreciate if you can share your thoughts!
2007-12-19 12:05:01 · 3 answers · asked by Thedfactor 1 in Business & Finance ➔ Personal Finance
The co-signer gets to PAY when the borrower DEFAULTS on the loan. Yes, that DOES go on your credit report.
2007-12-19 14:34:58 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
It should benefit you as the co-signor, make sure you check out your yearly free credit report and verify that this loan shows up in a few months. To be honest, I don't know why making your brother in law the main applicant would matter as far as approvals go.
2007-12-19 12:18:45 · answer #2 · answered by Michael 2 · 0⤊ 0⤋
signer and co-signers credit will be affected the same negative or positive.
2007-12-19 13:54:29 · answer #3 · answered by Amanda 3 · 0⤊ 0⤋