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Posted in Student Loans
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globalvagabond

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Co-signed student loan brought down my score
I co-signed on a student loan and it appeared last January on my score, but did not bring it down. The student's parents have been paying it off regularly with no missed payments. However, some paperwork made it show up again as a new loan in July and now my score went way down! Why would that happen and how can I fix it?

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Top Contributor
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New Loan

The two biggest reasons of why yourr score went down was because:

1) You have a new debt account which could drastically lower your average account age (depends on how many accounts you had previously)
2) The new significant amount of the student loan might make a dent to your creditworthiness if you didn't have a lot of debt prior to the student loan.

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