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Will cosigning for someone affect your beacon score?


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Answered 2007-02-20 01:26:17

Co-signing is generally not a good idea. However, that is not your question! If the person pays on time, your score should not be affected. However, if you have a high to debt ratio, including this loan, it may make it difficult and/or more expensive for you to obtain a loan should you need one.

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Can you improve your credit score by cosigning for someone who has perfect credit?

Yes you can, if approved it will show positive on both reports.


Your credit scores are t628 eq555 ex554 so what is your beacon score?

can someone answer it


What is the highest beacon score possible?

850 is the highest beacon score possible.


Is your beacon score and FICA score the same?

A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.


What is the difference between your credit score and your beacon score?

Your beacon score is basically an equifax branded FICO score, there is no difference except that a beacon score uses data found in your equifax credit report only. So if data furnishers do not report to equifax it will not appear on their credit report and thus this information will not be reflected in your beacon score.


Why does cosigning lower your credit score?

Because you have taken on the risk of a deadbeat.


Beacon score zero what does that mean?

This means that you have no credit history according to equifax and thus they were not able to produce a beacon score.


Is 500 a good beacon score?

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What is a excellent beacon score?

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What is the purpose of the beacon score?

The beacon score is a very important equation in your credit score. It is a number generated by the Equifax Credit Bureau that determines ones credit worthiness.


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

Yes.


Is a 5 beacon score good or bad?

A Beacon score of 5 is impossible, the score ranges between 300 and 850. I'll assume you meant 500, this is considered to be 'very bad'.


What is a Beacon 5.0 score?

beacon 5.0 is a system equifax uses to calculate your credit in numerical form which produces a number known as a credit score.


Is a beacon score different from a fico score?

Beacon is the trade name that Equifax uses to describe their version of the FICO score it is the same scoring model though for more information see thecreditguy.tv


Is 689 a good beacon score with a 5.0 factor?

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What if the score is higher than beacon score?

Your question does not make any sense, please rephrase it.


Determine beacon score?

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Is a beacon score of five good with a credit score of 675?

The Beacon version 5.0 is the formula which was created by FICO (Fair Isaac Company) and is used by Equifax to calculate a credit score. Considering that the average FICO score in the US is 680, your score would fall just below average.


Is beacon 5.0 score 719 good enough for a tenant?

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Is 792 with a Beacon score of 5.0 good?

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What do you need to co-sign for a car in Florida?

There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.


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Is a beacon score of 696 good?

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Can you improve your credit score by cosigning for someone who has little or no credit?

No, such activity only lowers your credit rating. It goes against your total indebtedness. Plus, if they default it can kill your credit rating and take years to remedy. Mark


How do you raise your credit score when it has been lowered due to credit inquiries?

Pay your bills. I don't know that a credit inquiry will lower your credit score. What does affect your credit score is not paying. Even if you pay late, it shows willingness to pay. But as far as someone checking your credit, I don't think that will actually affect your credit score. Pay your bills. I don't know that a credit inquiry will lower your credit score. What does affect your credit score is not paying. Even if you pay late, it shows willingness to pay. But as far as someone checking your credit, I don't think that will actually affect your credit score.


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