i cosigned a car loan for my sister. she made the first six payments on time, but now she’s sixty days late…

i cosigned a car loan for my sister. she made the first six payments on time, but now she’s sixty days late with her payment. i’d pay it for her, but i don’t have enough money. will this likely make my credit scores go up, go down, or stay the same?

i cosigned a car loan for my sister. she made the first six payments on time, but now she’s sixty days late with her payment. i’d pay it for her, but i don’t have enough money. will this likely make my credit scores go up, go down, or stay the same?

Answer

Brief Explanations:

As a cosigner, you are equally responsible for the loan. Late - payments by the primary borrower (your sister) are reported to credit bureaus and will negatively impact your credit score.

Answer:

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