The benefits of adding a cosigner include:
However, if you add a cosigner with lackluster credit or little income, you’re not gaining much—and may not even get approved for the loan.
Since you’re worried about your credit, keep in mind that applying for loans involves lenders pulling your credit report. This counts as a hard inquiry, which is likely to lower your credit score five to 10 points. The good news is you can apply for as many loans as you’d like within 14 days, and your credit will only get dinged once. So, make sure you are being as efficient as possible.