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How does co-signing for student load affect credit score?

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Anonymous
Not applicable

How does co-signing for student load affect credit score?

I'm trying to raise my credit scores, and since September have raised them about 100 points. They are acceptable now, but should still be higher. I want to raise them higher before I refinance my mortgage this summer to get an optimal rate. I co-signed for a $30,000 student loan for my daughter two years ago, and need to co-sign for additional student loan for her. How will this affect my credit scores?
Message 1 of 3
2 REPLIES 2
heirophant
Established Contributor

Re: How does co-signing for student load affect credit score?

It won't affect your score at all....unless the loan defaults.  In fact, it shouldn't even show up on your report.  My Dad co-signed a Sallie Mae loan for me and it appears as "Individual" in my credit reports.  Just make sure she doesn't default.
Scores: TU (FICO8): 781, EQ (FICO8): 798, EX (FICO8): 788

In my wallet: Chase Sapphire Preferred: 16,000 | Chase Slate Edge: 8,100 | Bilt World Elite Mastercard: 16,000 | Fidelity Rewards Visa Signature: 8,500 | PenFed Visa Gold: 12,500 | Penfed Pathfinder: 15,000 | Apple Card: 6,500 | Lowe's: 35,000 | Northern Skies FCU Platinum: 15,000 | Kohls: 3,000

Mortgage 11/20
Message 2 of 3
techgirl
Frequent Contributor

Re: How does co-signing for student load affect credit score?

I co-signed for my husband for a student loan and it shows up on my credit.
05/12: approx 680 across the board
04/08 EQ: 730 TU: 748 EX: 718
03/08: EQ: 713 TU: ? EX: ?
12/07: EQ: 689 TU: 711 EX: 721
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