Will Cosigning Help My Wifes Credit Score?
My wife has bad credit due to a bankruptcy, my credit score is 750. By cosigning for her will it help her credit score?Answer:
Hi. Cosigning by itself won't necessarily help her credit, but may help her to get a loan.
From there the loan will need to be paid on time and that should help her credit score. She will want to keep up on the rest of her credit however.
Assuming she does keep up on her credit and pays well, then yes it should help your wife's credit score. A well paid car loan is one of the strongest ways to rebuild credit.
One note...Delinquencies after a bankruptcy will really hit her credit hard. The bankruptcy is one thing, but delinquency afterwards really looks bad and will crush her credit score.
If she pays well for at least a year (2 years is better), then she should not need you to consign the next time around.
Hope this helps,
Click here to post comments
Return to Auto Loan Help.
Enjoy this page? Please pay it forward. Here's how...
Would you prefer to share this page with others by linking to it?
- Click on the HTML link code below.
- Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment,
your Facebook account, or anywhere that someone would find this page valuable.