Does cosigning a loan for my daughter help her credit?

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Eva Satterfield asked a question: Does cosigning a loan for my daughter help her credit?
Asked By: Eva Satterfield
Date created: Mon, Feb 1, 2021 8:26 AM
Date updated: Thu, Aug 11, 2022 1:40 AM

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Video answer: I co-signed for my daughter's car and it was repo'd

I co-signed for my daughter's car and it was repo'd

Top best answers to the question «Does cosigning a loan for my daughter help her credit»

Your credit score could drop.

Between a hard inquiry, new account, and increased total debt, cosigning on an auto for your child could easily drop your credit score.
  • Co-signing a loan can be a great way to help your child establish a credit history and, potentially, make a first significant purchase of a car or a home. But remember, co-signers take on risk. Make sure you understand what’s at stake before signing on the dotted line.

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