@wrxlover2 wrote:hi so basically the situation was my friends car broke down his credit wasnt good enough to get a new car so i cosigned for him under two conditions that he got a car that i knew how to work on should something happen and that he paid it off right when he got the money that was due to him,basically from his parents estate he was getting a large lump sum it took about a year for that to come to fruition normally i wouldnt cosign but i felt the circumstances were different.
so the loan is currently at 17000
and that will be paid in full my two questions are when the credit report is updated and that amount is shown as paid off is it one of those things where your credit goes down for a month then goes back up or will it immediately go up?
anything else i should know?
thank you
any other open installment loans?
The good thing is its not been open that long so you may not get a large drop of 20 points plus. The higher your Fico is the higher the point drop can be. The points that you may lose can be recovered in other areas over time. Oh if you have a mortgage its considered an installment loan too, its the best one you could have and then you may not see any drop at all.