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Building new grad's credit score by leasing a car

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Anonymous
Not applicable

Building new grad's credit score by leasing a car

If a new college grad is listed as a co-lessee on a car with the father (750 FICO), will that help build the new grad's credit rating? If he's the sole lessee, I assume that's best for his building a credit rating? But is it much better than being listed as a co-lessee?

 

Thanks!

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1 REPLY 1
Lel
Moderator Emeritus

Re: Building new grad's credit score by leasing a car

Regardless of whether the new college grad obtains a car loan on his own or as a joint accountholder, it will help build his credit history in the same way.

 

If he's the one making the payments, and is late with his payments or defaults on the loan, it will hurt both him and his cosigner.

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