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[lioness3]

  I have a question about co-signing and impact on FICO.

My Fico is 751.  My fiance is 650. 

My only debt is my home mortgage. 

He has a mortgage, car lease, small motorcycle loan & some credit card.

His current motorcycle loan will be paid off in the trade-in.  If I co-sign on the new loan...and he has a NEW motorcycle loan...  will that help or hurt his FICO? 

Thanks for any thoughts!! 

[thrasher865]

Are you cosigning because he can't get approval?  Or because he's getting bad rates?

Just asking, because from my understanding, even if you cosign, they still use his credit to get the rates.  Maybe that is common knowledge.  If it is, sorry, I'm new to these boards.

edit: I realize I didn't answer your question.  Are you asking if the fact that the account will be "joint" will affect his scores?  If so, then my understanding is that it will not affect it one way or another.

Message Edited by thrasher865 on 06-05-2008 07:06 AM

[lioness3]

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thrasher865 wrote:

edit: I realize I didn't answer your question.  Are you asking if the fact that the account will be "joint" will affect his scores?  If so, then my understanding is that it will not affect it one way or another.

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Thanks.  Okay, now that I look at my question...

I guess I'm wondering if getting a new car/motorcycle loan (in general) affects a score? 

So, you think it doesn't raise or lower someone's score by adding the debt?? 

[thrasher865]

If you don't have any other installment accounts, this would look good for your mix of credit.  If this will put you over that 50% of accounts having balances amount, it could also hurt.

If you have a lot of accounts that are pretty old, and this won't greatly affect the average age of your accounts, it will probably help your credit.  Might take a dip for a couple months due to a new account, but over the long haul it should help, especially if you have mostly credit cards.