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Question for the Money Doctors

Question submitted on May 11, 2015.


I have cosigned a student loan for my son-n-law. The payment schedule does not begin until 1/2018. It appears on my credit report as an installment with the balance equaling the credit limit and a debt to credit ratio of 100%. How does that affect my credit score?


As co-signor, you are equally responsible for the repayment of the student loan.  The debt may not necessarily affect your credit score, but could possibly hinder your chances of securing additional financing, such as an auto loan or mortgage.

Your credit score could benefit from timely payments by the primary borrower.  On the flip side, late payments, forbearance, or default could seriously harm your rating.  Be sure to do periodic checks of your credit as the loan is being repaid.

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