answersLogoWhite

0

  • Personal Finance
  • Loans
  • Money Management

Does your credit score drop after cosigning on a loan due to the amount of the loan?

User Avatar

Wiki User

βˆ™ 2006-08-17 15:45:53

Best Answer
Copy

Yes.

2006-08-17 15:45:53
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Add your answer:

Earn +5 pts
Q: Does your credit score drop after cosigning on a loan due to the amount of the loan?
Write your answer...
Submit

Related Questions

How many points will a fico score drop for a charge off?

There is no direct amount of points that your score will drop. It is all based on your previous credit rating, the timeframe of last negative mark on your credit, the amount of time since charge off, and the amount of credit you have and how its has been handled.


Will your credit score drop if you close a zero balance credit card that has been open for only four months?

There are many factors in credit scoring. Closing an account should not make it drop in score. Especially if it is a small amount of credit available.


Does receiving credit drop your credit score?

Not by receiving credit. However, when a number of organizations keep looking into your credit, it does lower the score slightly.


How much does it drop your credit to pull a credit score?

It doesn't affect it at all.


Does your credit score drop at a certain age?

credit score is not based on age but how you handle your credit....handling your credit well and your score goes up.....handle your credit bad, as in having a lot of debt and not paying on time brings your score down.


How many points does your credit score drop after a collection?

While there's no definitive answer with respect to how many points your credit score may drop after a collection, a collection account is a clear indication that a loan, credit card or retail card was not repaid and payment history is one major contributing factor to your credit score. This can have a negative impact on your credit score.


Is it legal if your credit score dropped from a 530 to a 478 and there is not any new information on your credit report?

Yes. Your length of credit history alone can affect your credit score. Yes. A drop in your credit score does not indicate anything illegal.


Does inquires on your credit score make your score drop?

Yes the credit card companies suspect that you suspect you think your score is bad therefore making it bad.


Does your credit score drop if multiple lenders check into your credit at once?

No, but it will if any of them decide not to lend to you.


If I don't use my credit card for a long time and the credit card complany decides to close my account will that look bad on my credit report?

It will remove the available amount of credit from your total sum of available credit. Chances are if it was only a very small amount(like a $1,000.00 or less) it won't make a difference. However if it was a larger amount that will reduce your available credit ratio/vs debt, that could drop your score. Check out EQUIFAX.com for an educated info on most or all credit score etc questions.


How many points does your credit score go down if you miss a mortgage payment?

A recent late payment can drop your credit score about 60 points.


Does checking you credit score make that score go down?

Every time you check your credit or have it ran for a cellphone or car loan or any way of checking your credit score it puts a ding on your score. That's why if you check it multiple times it will drop slowly


I was discharged from a bankruptcy in 2003 when will it drop off your credit score?

10 years


How many points will a foreclosure reduce your credit score?

Depends on credit score prior to foreclosure. If your score was higher before foreclosure, it might drop 200 points or so. If it was lower before foreclosure, it might drop closer to 100 points. It varies significantly.


If things drop off your credit report how does that effect credit score?

Depends on what they are. If they are derogatory items, then dropping off will raise your score. If they are positive items (e.g.- an account in good standing), then they will lower your score.


How good is the credit score of 670?

A 670 credit score is reasonably good. The widest-adopted credit score ranking, FICO, classifies 670 as 'Preferred'. Falling below 660 will drop the score's grade to 'Standard', while rising to 700 or higher improves the score to 'Prime'.


How much does a judgment drop your credit score?

I can only answer on my own personal experience. When I applied for a mortgage I got a copy of the credit report and it showed a list of the things that positively and adversely affected my credit score. According to that, my judgment brought my score down 100 points.


Can getting a new credit score affect your credit score?

If a consumer does multiple inquiries into their credit file, your score will drop, especially if your inquires are from credit card companies. The theory is: a consumer may not have enough money and needs more credit to sustain his/here lifestyle which bring in more debt, thus applying for more credit.


Does checking your fico score lower your fico score?

if you check it wount lower your score. If you are applying for a loan and multiple people pull your credit it will drop some.


How do you raise your credit score fast?

The best way to quickly raise your credit score is to pay off all debts. Another thing that will help it to not drop is to pay debts on time.


Will your credit score drop is your spouse removes you?

yes because points would get tooken off


When a credit report is pulled applying for car loan how many points does your score actually drop?

Your score can drop because of various actions. Sometimes applying for a car loans with several lenders in a short period may place a credit score at a higher risk of dropping. This type of inquiry is known as a hard inquiry. A hard inquiry can impact your credit report and score for approximately two years.


Could your credit score drop due to frequent checks?

Checks initiated by you can lower your credit score, if it looks like you've applied for several loans or credit cards at once. Checks intitiated by the lending companies for purposes of pre-approved offers do not.


How many points will your credit score drop from paying your mortgage late?

No one really knows how many points your credit sore will drop in this case. There are many variable to this matter. No one really knows how many points your credit sore will drop in this case. There are many variable to this matter. No one really knows how many points your credit sore will drop in this case. There are many variable to this matter.


Will removing my name from a joint credit account hurt my credit?

If this credit line is tied to your social security number, removing your name from it will probably affect your score, but it is difficult to tell if it will go up or down until AFTER you make the change. Most instances I have seen have caused a drop in the credit score.