Does co signing for a car hurt your credit?
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Video answer: How does co-signing affect my credit scores?
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How does being a co-signer affect my credit score? Being a co-signer itself does not affect your credit score… You will owe more debt: Your debt could also increase since the consignee's debt will appear on your credit report.
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Cosigning may hurt your credit if: A payment is over 30 days past due. The creditor can report the late payment to the credit bureaus. Every late payment can then show up in your credit reports and hurt your credit scores. The cosigned vehicle is repossessed. If the vehicle you cosigned for is repossessed, that can also hurt your credit ...
The increase in your total debt could negatively affect your credit scores. Benefits to Cosigning a Car Loan. Risks to your credit aside, cosigning a car loan for your child can certainly help them begin establishing a strong credit history for themselves.
If you default, a lender can even go after your cosigner after the car has been repossessed. Even before that happens, both your credit and that of your cosigner will be affected. Since your cosigner’s credit is tied to your loan, neglecting your financial responsibilities will bring down their score too. Giving Good Credit Where it’s Due
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