Add myself to an existing Student Loan

[thebusymind]

Hey Guys,

Here is the dealio - my fiancé and I are going through the processes of getting her out of debt. She has a small student loan for about 2k still outstanding, and I want to pay it in full next month. My question is this: before I do this, can she add me to the sallie Mae loan as a consigner, so that when I pay it in full I get a small credit bump? Has anyone ever tried something like this in the past?

Thanks

[bahbahd]

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@thebusymind wrote:
Hey Guys,

Here is the dealio - my fiancé and I are going through the processes of getting her out of debt. She has a small student loan for about 2k still outstanding, and I want to pay it in full next month. My question is this: before I do this, can she add me to the sallie Mae loan as a consigner, so that when I pay it in full I get a small credit bump? Has anyone ever tried something like this in the past?

Thanks

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You can't be added like an AU on a CC. The only way you could be a cosigner is if you consolidated or otherwise created a new loan agreement and the bank required a cosigner. At this point the current loan account would be closed out and a new loan, possibly with limited history, would be created. 

[pizzadude]

Also unless this would be your first installment loan, it wouldn't really do much for your FICO scores.

[bahbahd]

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@pizzadude wrote:
Also unless this would be your first installment loan, it wouldn't really do much for your FICO scores.

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Yea, I was thinking that you could take out a personal loan for $2k with the intention of paying it back over two to three months, that is, if you are trying to fabricate installment history to show a mix of credit. Sounds like too much trouble to me though.