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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.
@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.
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".