I was planning to have a car loan and being new, I intend to have a co-signer. Someone told me that if I have a co-signer, once i start the repayment - he/she will get benefit and their credit history will improve and no change to my credit history. is that true?Is it true, if I have a cosigner for my loan-once repayment start the cosigner gets the credit history benefit?
No both signers will get equal credit either good or bad depending on how the payments are made.
Co-signed loans are either marked with a ';C'; for co-sign or a ';J'; for joint on their credit reports no one know who is the primary and who is the secondary signer.Is it true, if I have a cosigner for my loan-once repayment start the cosigner gets the credit history benefit?
NO - YOUR payment actions will affect BOTH of your credit histories - if you fall behind in payments or stop paying - both of you will get whacked credit score wise and they will come after your co-signer for payment, who will in turn come after you for blood
not true, the co-signor will be responsible if and only if you default on the loan nothing more,
Not true. Both credit histories will be affected IF the lender reports on both.
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