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?

Question

10-08-2024
Business

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 :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-08-10T16:50:55-04:00

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.

Learn more about Effects of cosigning a loan on credit score here:

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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 :

Final answer:

Explanation:

Learn more about Effects of cosigning a loan on credit score here:

Other Questions

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?