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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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∙ 17y ago
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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.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
Is 500 a good beacon score?
no
What is a excellent beacon score?
850+
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.
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'.
