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e18rojas

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My friend wants me to cosign for a mortgage loan. But I want apply for a student loan
Iwould like to know what types of affect it could have on credit score of 756

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difficult to cosign a mortgage

Unless you're living there, there's really no method for cosigning a house (and even then, given it's the lower of the middle score of the applicants, you're just contributing income)... it's not like cosigning a credit card or auto in this case.

Effects on credit: inquiry and possible new tradeline penalty (AAOA reduction and what not), if you don't have an open installment line on your report may be beneficial from mix of credit.  

Generally speaking getting a mortgage or student loan should be on financial needs which absolutely trump score; a credit score isn't worth anything if you don't use it to achieve something elsewhere in your life.   If we're just talking FICO benefits from having an open installment loan, can solve that for a yuppie food stamp, no need to spend real money on that.

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NEVER COSIGN!!

When you co-sign anything, you are guaranteeing that the other party will pay on  time or else you will pay the loan/mortgage/whatever.  If this party cannot get the loan without a cosigner, they are too much of a risk.  Do you want to buy his house for him?  I didn't think so.  You take care of your own finances and let him handle his.  That is enough for each of you.

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