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When a loan or credit card reports to your credit report, are the Borrower or Co-borrower equally reported when calculating scores? As in, if you have a perfect reporting account that you are the primary borrower, will it affect your score more being the co-borrower? The reason I ask this, is that I am opening two loans in the next few months with another person to help build my credit. I can be the borrower or co-borrower. The interest rate is locked by the credit union so we are not worried who is first or second. I am just curious if it makes a difference or if they are equally reported?
@JMCB wrote:When a loan or credit card reports to your credit report, are the Borrower or Co-borrower equally reported when calculating scores? As in, if you have a perfect reporting account that you are the primary borrower, will it affect your score more being the co-borrower? The reason I ask this, is that I am opening two loans in the next few months with another person to help build my credit. I can be the borrower or co-borrower. The interest rate is locked by the credit union so we are not worried who is first or second. I am just curious if it makes a difference or if they are equally reported?
Makes no difference in scoring its how the account is handled that matters to both.
Thanks for the reply! Thats good to know. One last question, does it affect the scoring any different if you need a co-signer or co-borrower? Or if you are the only one on the account? Or still calculated the same?
Thanks again!
@JMCB wrote:Thanks for the reply! Thats good to know. One last question, does it affect the scoring any different if you need a co-signer or co-borrower? Or if you are the only one on the account? Or still calculated the same?
Thanks again!
Not going to make any difference. A Fico score is created by what is in ones file and it doesnt look to see if one is a borrower, coB or an AU.
Thats what I thought, just wanted to make sure. Thank you again for the information and help!!