Question:
I'm 21,and i just purchased a car,and i wonder by having a cosigner,will my credit score be raised,along with theirs
Answers:
I just went through this with my step-daughter. As any other payment that you have works the same way. As you make (on time) payments, your credit will show the improvement. However, should you miss a payment or are late, guess who will be getting a call? This will effect your fathers credit as well. So don't screw up
You credit score will be impacted by that line of credit (probably negatively in the short run, and positively as you pay it off)
Yours will be raised IF YOU PAY EVERY PAYMENT ON TIME.
Theirs may be reduced however. An established borrower can be penalized for taking on extra debt.
yes your credit will increase because you both are on the loan and it is good to have a different types of loans on your credit report, that is an installment loan and it would reflect positive as long as you dont miss any payments
Yes, as long as you pay on time you both will be great!
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