Answered

I cosigned a car loan for my sister. She made the first six payments on time, but now she's sixty days late with her payment. I'd pay it for her, but I don't have enough money.

Will this likely make my credit scores go up, go down, or stay the same?



Answer :

GinnyAnswer

Final answer:

Cosigning a loan can affect your credit score negatively if payments are missed. Communication with the lender is key to address payment issues promptly.


Explanation:

Cosigning a loan means you are equally responsible for ensuring payments are made on time. If the borrower misses payments, it could negatively impact your credit score. Late payments, collections, and defaults can hurt your credit for years. Communicating with the lender and addressing payment issues promptly is crucial.


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