My parents have a credit score above 720 and mine is lower (620s), so I want to ask them if they%26#039;ll co-sign a consolidation loan for my student loan debt ($89,000). How much will it affect their credit score if they cosign? I%26#039;ve never made a payment late or gone over the limit on my cards, I just don%26#039;t have a very long credit history.
How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
If your parents co-sign the student loan consolidation, it will only hurt their credit if you were late on your payments. As you are the primary applicant, the debt will reflect on your credit report.
One cannot accurately predict the effect this loan will have on your Parent%26#039;s credit, it will depend on any debts that they have outstanding, Debt to Income ratio, lenght of credit history and so forth.
You should shop around to get the best rate possible. Here are a few good links:
www.consolidateplus.com
www.freedomstudentloans.com
They offer a free consultation. Hope this helps.
How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
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How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
It depends upon how much debt they already have. It will increase their debt and payment ratios, which will impact their score. How much of an impact really depends upon so many factors that we don%26#039;t know, whilst the formula isn%26#039;t public knowledge.... so any thing we say would just be a guess.
How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
it doens%26#039;t affect their score unless you don%26#039;t pay. it will affect their ability to get a loan because they are on the hook for yours.
How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
As long as u pay on time than u will be helping their credit. If u forget pymt.%26#039;s then it will effect their credit in a negative way. i think they should be OK w/ the loan if ur good at pymt.%26#039;s.
How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
if you merge credit scores on a contract it does effect them, about 50 points if you figures are right.
You should be able to get a loan on your credit yourself. They just want a better source of repayment on the line. It will also effect your parents like that have the debt on their credit if they try to get a loan also.
How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
Its exactly as if it was there loan (which it is). The added debt goes on their record and if you miss or are late on a payment it goes against them as well (and you also). Its pretty hard to tell how it would effect the 720 without knowing the details of their other credit.
Good luck
How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
you should pay off your own student loan - consolidation can get you in real trouble, %26amp; student loan rates are going to be lower. If you paid that much to go to college, you should be able to get a high enough paying job where you can pay it off yourself. Just make it a priority in your budget before you start buying expensive cars %26amp; blowing it on junk - your credit score will get higher that way
How much does it affect my parent%26#039;s credit score if they cosign a consolidation loan?
You could try to google it ,here is some direct resource might be helpful.http://studentloan.online-helpers.info/c...
