Co-Signer & Improving Score....

Andy77 · ‎05-16-2010

I had a ch 7 BK that was discharged in May 29 of 2009. Since then I have paid all my bills on time and my EQ is currently 611.

Yesterday my father co-signed a lease on a lexus

My question is because the account will read "joint" on my credit report, will this hurt my score?

Thank you...

daisyduke · ‎05-16-2010

Andy77 - I dont' think joint is deragatory. My previous car , I had a co signer as well. Current car, no co signer. Probably a very smart thing to do financially because you got a better rate. Congrats.

Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU

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Anonymous · ‎05-16-2010

Joint account or Single account has no effect on scoring. With it being a new account your score could go down a little with the new inquiry and the new account posting. However FICO likes a good credit mix so if you have no installment accounts you could gain points that way. The longer you have the account as long as it is paid on time you will only go up from here. But as stated Joint account means NOTHING to scoring.