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Co-signing effect credit score??? |
My brother is in need of a car but has bad credit due to some mistakes hes made in the past with his money. He has been back on his feet saving up money for a car and payments however he can't get financing on a car without a co-signer. I whole heartedly know that my brother can and will make the payments on time. My question is that by co-signing does that hurt my credit score at all if he is right on time with his payments? Also will points get deducted from my score if hey run my credit because i am cosigning? Will it help my credit at all becuz he keeps up on all the payments? I read somewhere that it adds to my ratio of debt, is that true? Sorry for all the questions i just want to be thorough. Thank you! How many points do I lose when they run my credit? I think you should not cosign for the loan. He should take extra jobs and save money. Many sibling relationships have been ruined due to money loaned or cosigned. You can get car financing in your name and let him pay you the bills and use the car. This way you will be sure that car payments are being paid on time. It will be your car and he will be second driver for insurance purpose. yea it does add to the ratio of your debt but some places will take a contract as proof that you dont pay it not all but some your score will drop if your credit gets ran and you dont make a purchase within 30 days at it wont hurt your score if all payments on made on time it will help it not much but it will still help it |
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