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Established Member
Posts: 33
Registered: ‎03-27-2009

Loan and your score

Okay, I have a car loan and my grandmother was the co-signer. I was told that only her fico score will go up, and not mine - for paying off the car. Or mine will only go up a little, and her's will go up more. Is this information incorrect? Would my score go up more if I was the sole person on the account?

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007

Re: Loan and your score

No, each of your reports/ scores will be influenced according to what you already have going on there. It's not automatically beneficial to one of you and detrimental to the other.

If neither of you have any open installment loans currently, your scores might go up. If either of you have been apping for everything that moves over the last six months, your scores might go down.

It's completely dependent on the individual reports and credit profiles. Who is actually driving the car is irrelevant.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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