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valdez74 | If I co-sign for my brothers auto loan, will it appear on my credit report? |
I would like to know because I'm trying to buy a house very soon and would like to help my little brother out. I just don't want to mess up my chances at getting a mortgage |
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Miss Know It All
|
Yes it will good and/or bad ... make sure you are willing to make the payments if he comes under hardship...
Good Luck! |
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GUS
|
Never co-sign for anyone unless you plan on paying the loan yourself. I know you want to help your brother but don't do it. It will show on your credit report and will reflect on your credit score. If he makes the payments late your credit will suffer and the bank will be calling you to make the payments. The mortgage company will consider this an obligation that you are responsible for and will figure in the loan payment when calculating what you can afford. Good Luck! |
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Lady D
 |
Yes, it will. Co-signing means that you are taking half the responsibility for this loan. If he stops paying, YOU are responsible. If he's good with the payments, that's great for you, however if he's late a lot or misses payments, your credit takes a bite too. |
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helpme
 |
if u love your little one wait until u get your mortgage done than help him.just don't get a car loan b 4 the mortgage.it will hurt your score |
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myohmymyohmy
 |
yes, it will.
you should wait till after you bought your house first and then co-sign your brother's car.
very hard to qualify for a house if you have a car payment even if just a co-sign. |
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hi_it_is_me
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Don't do it man, don't you ever watch Judge Judy? |
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~*~*~*~*~*~*~*~
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My experience was the co-signer got the credit for ME paying my auto loan and nothing ever showed on my own credit reports and after making requests so if there is anyway he can get it on his own, he should. |
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walt631
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Absolutely. Both you and your brother are responsible for this entire debt. Even if he pays this off, during the period of time that he is paying on it, your available credit will be lowered by the amount of the outstandng loan. Answer. Don't do it.!!!!!!! |
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DaMan
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Either give your brother cash or let him fend for himself.
By co-signing his loan, his non-payment will ruin your credit score.
You KNOW your little brother is coming to you because he can press your BIG BROTHER buttons to get the result he wants.
If you are willing to let go of YOUR house dream, then go ahead and co-sign for your brother's auto-loan.
But, if you want to get your house, DO NOT CO-SIGN his auto loan. Give him as much cash as you can afford, and let him be.
That way, you don't give him the opportunity to ruin your credit and your dream. |
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wwhrd
 |
If you co-sign and he defaults on his loan you will have to pay, right? Right. It WILL show up on your credit report as debt, been there done that. |
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.
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It's not your enemies that you have 2 worry about ! !
It's your FRIENDS AND LITTLE BROTHERS you have to watch out for! ! !
p.s. First thing that you need to worry yourself with is whether the company that you're getting this car loan from EVEN REPORTS To the 3 Major Credit Bureaus |
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Matthew
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Yes, it will appear on your credit, but shouldnt lower your score enough to hurt your chances for a house. You should know that if he misses payments on his car it will hurt you a lot. Most mortgage companies will preapprove you a while in advance. you should think about when you want to buy your house, and see if the preapproval will last that long. if it will i would do it first. |
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