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re: Co-signing and credit scores
Posted on 1/28/10 at 4:01 pm to Will Cover
Posted on 1/28/10 at 4:01 pm to Will Cover
I imagine he would like the opportunity to boost his credit rating by adding his name to the debt and getting the financial incentives offered to those w/ better ratings.
In my experience several years back I had my mother act as the primary cosigner on a secured bank loan, and I was informed that there is no difference between the primary signer and the cosigner. On my credit listings it makes no distinguishing remarks as to primary or secondary.
You are both liable for the same debt upon default.
Just speculating from my experience about 5 years ago.
In my experience several years back I had my mother act as the primary cosigner on a secured bank loan, and I was informed that there is no difference between the primary signer and the cosigner. On my credit listings it makes no distinguishing remarks as to primary or secondary.
You are both liable for the same debt upon default.
Just speculating from my experience about 5 years ago.
Posted on 1/28/10 at 11:02 pm to LSUAfro
I see your point. However, being married, does it really make a difference as to who the vehicle is actually registered to / loan given to?
It's a joint venture, but I may be thinking too simplistic here.
It's a joint venture, but I may be thinking too simplistic here.
This post was edited on 1/28/10 at 11:03 pm
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