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ineffablecheer

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Does cosigning affect my credit?
I am planning to cosign for my sister on her first credit card. Will that affect my credit?

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Top Contributor
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It can

If she doesnt pay her credit card and it goes past due, they will come after you for the money and put it on your credit report as well. Be careful. Cosigning makes you just as liable for her debts.

Top Contributor
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yes...either positively or negiatively.....positively if she pays on time and pays atleast the minimum...negatively if she defaults and doesnt make the minimum payment....also negative have to take credit utilization into account if she goes over 30% of her available use ie: $500 limit and uses says $200 @ 40% utilization that will drag your score down......and negative if you hsve established credit cards already that will drag down your age of accounts.....hit the major points don't think i missing to much

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