Effect on credit score

[RLizima]

Will my credit score go down drastically, I mean by like 25 or 50 points if I cosign on a mortgage refinance?

[Anonymous]

Lots of varibles-

Do you have any INQ's ?

Will it reduce you avg age?

What are your scores now? 

Have you opened other accounts in the last year?

Now- Are you going to be living in this house and making the payments? If not- I would not do it.  

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RLizima wrote:

Will my credit score go down drastically, I mean by like 25 or 50 points if I cosign on a mortgage refinance?

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Message Edited by Timothy on 02-26-2008 07:14 AM

[RLizima]

My score is 700 and change, the last account that I opened was AMEX (only credit card). I just wanna know if or how low my score will go down if I cosign.

[Anonymous]

It's is tough to say for certian-

I would expect a small drop of 15 to 30 points to soften over 6 months-

As it sounds like you do not have a thick file- you will need to look at what this would do to your avg age-

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RLizima wrote:

My score is 700 and change, the last account that I opened was AMEX (only credit card). I just wanna know if or how low my score will go down if I cosign.

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