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Posted in Auto Loans
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Aperez1905

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I signed for a car loan for a friend and he defaulted, now my credit score
My credit score is now fair from good. What can I do to raise my score back to good. It was at 740. Now it's at 655.

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Cosignor means you are agreeing to take responsibility for the debt if the other party defaults and that is why it's affecting your credit score.  Being a cosignor is a bad idea.  The negative of his default will come off in due time, but there is not much to be done right now.

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