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Do cosigners benefit from auto loans via their credit score?

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Anonymous
Not applicable

Do cosigners benefit from auto loans via their credit score?

Do both the cosigner and original signer benefit shown on their credit score if an auto loan is paid off early and the payments are on time? I know credit scores take a hit once an auto loan is started under both the signer and cosigner's name but I was wondering once the loan is paid off if both parties benefit somehow.

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MarineVietVet
Moderator Emeritus

Re: Do cosigners benefit from auto loans via their credit score?


@Anonymous wrote:

Do both the cosigner and original signer benefit shown on their credit score if an auto loan is paid off early and the payments are on time? I know credit scores take a hit once an auto loan is started under both the signer and cosigner's name but I was wondering once the loan is paid off if both parties benefit somehow.



Co-signers on any loan have exactly the same information reported. That can be a good or bad thing depending on the situation.  Smiley Happy

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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