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Do I still build credit if I have a cosigner?
Will I still build credit even if I have a cosigner? The bank says I need a cosigner for my car loan as I have little credit history.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
As long as you’re consistently making on-time payments, you’ll still build credit with your
car loan
just like you would if you didn’t have a cosigner.Cosigners
are there to help you secure the loan; without them, you simply wouldn’t be approved. After you’ve signed your paperwork, the car loan is the responsibility of both you and your cosigner—so if you pay on time, you’ll build positive credit history
.Remember it goes both ways: If you default or are late on payments, your credit and the credit of your cosigner will both take a significant hit.
View full answer
- Gregory R.
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