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malachi46

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Why did my credit score go from good to fair after cosigning for an aut loan with my wife?

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It will raise back over time. You will take a loss at first because 1) they ran your credit so you took a hard inquiry, and 2) you added a brand new account so your average credit age just dropped.  However you have another type of account and you will have more monthly on-time payments to boost your credit. As time goes on, your credit inquiry will hurt less and less (it will stay on your credit for 2 years, but is counts against your credit score for 1 year), and as every month goes by you will be increasing your average age of credit back up. It sucks, but do not stress too much as it is very temporary hit, after a year it will not only recover, but it will more than likely boost your credit score.

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