How much does it affect my parent’s credit score if they cosign a consolidation loan?
miamiofoh asked:
My parents have a credit score above 720 and mine is lower (620s), so I want to ask them if they’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’ve never made a payment late or gone over the limit on my cards, I just don’t have a very long credit history.
teriod: You’d think $89000 in school debt would mean getting a good job, wouldn’t you? It’s actually my husband that has the debt and he went to one of those “for-profit” career schools that’s not even regionally accredited, so all he can get is a job that pays $10.50 an hour. I wish I’d had control of our finances when he decided to go to that horrible school, I would’ve told him to just go to a state university- better education for a fraction of the price. Oh well, that’s life.
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My parents have a credit score above 720 and mine is lower (620s), so I want to ask them if they’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’ve never made a payment late or gone over the limit on my cards, I just don’t have a very long credit history.
teriod: You’d think $89000 in school debt would mean getting a good job, wouldn’t you? It’s actually my husband that has the debt and he went to one of those “for-profit” career schools that’s not even regionally accredited, so all he can get is a job that pays $10.50 an hour. I wish I’d had control of our finances when he decided to go to that horrible school, I would’ve told him to just go to a state university- better education for a fraction of the price. Oh well, that’s life.
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