"If my mom (who has lousy credit) cosigns on my car loan, will this improve her credit score without hurting mine? "

I think I need a cosigner to get a car loan, but my mom's my only option. I just don't want to mess up my credit score.

Answer
“That depends. Will you be making your payments on time? If so, then putting your mom on the car loan will benefit you both, as long as you continue to make on-time payments.
The real problem comes with getting your mom approved as your cosigner. Lenders want to know that a cosigner with bad credit isn’t a hindrance or a liability on the loan itself. As a result, you can attempt to add your mom to the car loan, but there’s no guarantee that they’ll accept her. In the meantime, suggest to your mom that paying off other debt can benefit her by improving her overall credit situation. “
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Eric Schad
Answered on Apr 05, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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