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Slobmonkey1584

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Being a cosigner. Does your credit go back up after they refinance? How long?

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If we knew the whole facts about the loan, how long has the loan been there, how much was borrowed, how much is left, how many late payments, etc. We might make a better guess.  But I am guessing there were late and or missed payments.  In wich case it stays on your report for 7 years before all negative impact on your score is gone.  I think the other party is also going to have a hard time refinancing with issues on the current loan.  But even if they can pay in full on the loan you co-signed there will only be a slight if any increase in the very short term. People actually see score drop sometimes when they have paid a loan in good standing due to diversity of open accounts dropping. So my advice would be to get them to refinance at all cost ASAP, and just weather out the negative impact, as the impact will decrease as time goes by until the 7 years and you have it fully in your past.

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