Co-signing for another person's loan creates shared legal responsibility for the debt, meaning missed payments by the borrower will reduce the co-signer's credit score and high balances will inflate the co-signer's credit utilization, potentially adding double-digit interest to the co-signer's future loans.

Authors

• Person: Not available Organization: ENT Credit Union
  7 Credit Score Pitfalls: What Hurts Your Credit Score?

Sources

• 7 Credit Score Pitfalls: What Hurts Your Credit Score? www.ent.com ENT Credit Union via serper

Referenced by nodes (2)

• Credit Utilization concept
• credit score concept