cancel
Showing results for 
Search instead for 
Did you mean: 

Co Signer a good idea?

tag
CreditDrama85
Established Contributor

Co Signer a good idea?

unless it is an emergency and you need a loan immediately, i have always thought having a co-signer is a bad idea because upon a manual review, your credit report looks weak. is this true?
 
i mean, if someone is willing to co-sign a loan for you...why not just have the loan in their name only until your credit is strong enough to get a loan on your own?
 
i need some opinions on this!
Message 1 of 5
4 REPLIES 4
TryingVeryHard
Frequent Contributor

Re: Co Signer a good idea?

You have raised an interesting question. But then again, if you apply for a loan, i think they will list you as primary account holder. I am not really sure if it makes any difference if your account is COSIGNED by a third party or not.
Message 2 of 5
fused
Moderator Emeritus

Re: Co Signer a good idea?

As far as FICO scoring goes, joint and individual accounts are equal.
Message 3 of 5
Anonymous
Not applicable

Re: Co Signer a good idea?

a co-signed loan shows on CR as joint
Message 4 of 5
Anonymous
Not applicable

Re: Co Signer a good idea?

yes and the benefit of having someone co-sign instead of having it just in their name is that it is building a pos TL for you which will start increasing your scores in the first few months (and sometimes the minute it reports, depending on your situation) if you have someone willing to cosign, and you KNOW you can make the payments, etc, it's a nice way to build new accounts and/or consolidate HI debt on a lower interest account. Smiley Happy
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.