Cosigned for someone, will it help my credit score?

So long as payments are made on time, the loan will improve your credit. 40 points in 6 months, however, could be tough to make up in such a short amount of time using just this one loan. And remember the initial loan includes a credit pull, so that could have a small, brief negative effect on your score, too.

You mentioned you have no debt - do you carry/use any credit cards? Could be another way to boost that credit score, especially if you're hoping to jump 40 pts. in 6 months.

 

You can also improve your credit score by adding yourself as an authorized user to an existing credit card account. Just ask a trusted family member or friend to help you. Make sure the credit card has perfect payment history and they are able to maintain a low balance (10% or less of the credit limit). Once the card reports to your credit you will see the results from the card. The higher the credit limit and the longer the perfect payment has been established the bigger the boost in your credit score. Thanks! Heather with BoostMyScore.NET

 

If you are added as an authorized user on another persons CC, is there a list someone has compiled as to what creditors report the entire accounts history vs just the history from the date you were added to the account?

 

Adding an authorized user (as Heather recommends above) could definitely help your score, assuming (as she says) they have low credit utilization and are trusted to make on-time payments each month.

 

Mindcrime,

Here is a list of credit card companies that will report the cardholder's payment history verses the when the authorized user was added to the card as an authorized user like with American Express.

CitiBank
Bank of America
Capital One
Barclays Bank
USAA
Navy Federal Credit Union
Chase - if you have the cardholder's address on your credit report, then it might only still report to two bureaus.
Discover - if you have the cardholder's address on your credit report, then it might only still report to two bureaus.

I hope this list helps. Thanks! Heather with BoostMyScore.NET

 

What would help your credit score is too add yourself as an authorized user to a trusted friend or family member credit card. Find a credit card that has longer payment history then what you have already established yourself with your own credit cards. Since you don't carry balances on your credit cards, the balance on the authorized user account is not as important. Let me know if you have any more questions. Thanks! Heather with BoostMyScore.NET

 

Heather,

Thanks for the list! Do you happen to have any info on:

Target CC
Kohls
Victorias Secret

I have a family member who has all 3, all open with zero balances, perfect long-term history.

 

That could be due to the credit pull. It should come back after a couple of months of on-time payments.

 

I co-signed for my nephew on a student loan which for me wasn't the best thing to do. He's current with his payments, has paid no late fees but he is always late by as much as a week every month. Three days late and the phone calls and emails start and continue until his payment is made. However the biggest downside to me is the fact that it's added to my Debt to Income ratio.

 

Can he change the due date? I know with my auto loan, I have the ability to move the due to from one point in the month to another, that way if it's due on the 1s and he can't pay till the 8th, just move it to the 8th (or further) and that way no collection calls and no worries on potential late pays reporting.

 

I am not sure about those cards. We usually only sell major bank cards for security reasons. I would just add yourself and see if it reports. Thanks! Heather with BoostMyScore.NET

 

I can given an update on Victoria's Secret: they do not have authorized users, just authorized buyers OR joint account holders. Auth buyers do not report, in fact they did not even ask for my SS#.

 

MC, I just learned from my sister that my nephew has asked for and was granted a 2 month deferment. He is going to school (again), however he knows he has to find a PT job to pay for his student loan.
In all honesty this has driven a small wedge between my nephew and I. Hopefully he will be able to keep up his payments while he attends school. He is young and obviously doesn't realize the importance of making payments on time. I know it took me a few years to learn this.

 

He's got a very generous uncle doing this for him. I understand about the deferments. I have a family member myself who has student loans just the same, and while attending school (minimum amount of credits required though) the loans are deferred, however the deferment is while attending school, not just a 2-month defer.

Once he's out, or the loan is back to being due, if it's just a matter of asking for a due date mod to coordinate with his pay checks, make sure he asks, chances are they'll agree and will help keep the loan (and your credit) in good standing.

 

If the credit card company doesn't ask for the social security number that is a bad sign. You can press them to add the social security number to the addition. There is still no guarantee that it will report. Thanks! Heather with BoostMyScore.NET

 

Heather,

I checked out boostmyscore.net and watched the video. At the end, there is a J. Garrison from San Diego, CA that writes that his credit score went from a 540 to a 733 four days after signing up. Can you elaborate more on that. It seems like a huge jump to make without removing any negative tradelines. How many tradelines did he piggyback onto?

 

Whoa! Yeah I'd like to hear more about this as well.