If I Cosigned On A Car Loan Will It Improve My Credit Score?

1. Judy Says

   Watch Suze Ormond someday.
   She will scream at you Never Co-sign for anyone – EVER.
   If that person misses one payment – your credit will go down the toilet.
   What if they lose their job and can’t make a payment.
   What if they have a medical condition and have to pay those bills?
   What if they wreck the car – and decide not to pay on it anymore.
   Worse yet- if they die – you will be 100% responsible.
   Plus, having this on your credit will be ADDED debt to your record.
   With higher debt to income ratio – you will be less likely to get loans anywhere else.
   And what if yourself want a car someday?
   /

2. Jason Says

   It depends on what your credit score is right now. Initially it will drop it because you have a new inquiry, a new account, a high utilization of that account, and the average length of your open accounts will drop. Over time, with on time payments, the loan will probably improve your score.

3. *Cara* Says

   Haven’t you ever watched Judge Judy??? NEVER cosign for ANYONE, EVER. Worst idea ever.

4. khoosh Says

   YES

5. Mario Says

   You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-free.totalh.com

6. Mamagee Pam Says

   I am Mrs Vanilla Pam,currently living in New florida,USA.I am a widow at the moment with three kids and i was stuck in a financial situation by may 2009 and i needed to refinance and pay my bills.I tried seeking loans from various loan firms both private and corporate but never with success,and most banks declined my credit.But as God would have it,i was introduced to a man of God a private loan lender by name Mr Lacus Robinson who gave me a loan of $75,000USD and today am a business owner and my kids are doing well at the moment.So dear,if you must contact any firm with reference to securing a loan with low interest rate of 3% and better repayment plans and schedule,please contact Mr Lacus Robinson.He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email at lacuslendingfirm@gmail.com

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