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co signing question

Established Member

co signing question

my dh and i recently bought a new car with and my mil co signed for us....... we put 10,000 down and our payments are like 210 for 35 months. will this help my dhs credit.... its bad thats why his mom co signed.... and we got 0%apr as well.. thanks
Message 1 of 4
3 REPLIES
Super Contributor

Re: co signing question

IMHO I dont think co-sign help your credit other then getting the loan and payment history.  You dont get more points based on the credit of the co-signer.  Its not like AU.


Message Edited by marty56 on 06-13-2008 04:33 PM
12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 2 of 4
Established Member

Re: co signing question

Co-signing on a loan reports on the credit reports of both the primary signer and the co-signer equally.  I co-signed a loan for my son and this loan has shown up on my credit report since it was opened.  The good news is that if you pay the loan on time, the information will report favorably for both you and the co-signer.  If you do not pay on time [like my son who was  payment late every month] the information will report negatively for both you and the co-signer.  I finally had to take charge of the loan and make my son pay me so that I could be responsible for paying the lender on time.   
Message 3 of 4
Moderator Emeritus

Re: co signing question



blue_moon wrote:
Co-signing on a loan reports on the credit reports of both the primary signer and the co-signer equally.  I co-signed a loan for my son and this loan has shown up on my credit report since it was opened.  The good news is that if you pay the loan on time, the information will report favorably for both you and the co-signer.  If you do not pay on time [like my son who was  payment late every month] the information will report negatively for both you and the co-signer.  I finally had to take charge of the loan and make my son pay me so that I could be responsible for paying the lender on time.   


Correct.
 
So make sure you pay on time, or your family Thanksgivings and Christmases will be no picnic.
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 4 of 4