- May 17, 2020
- 11,685
- 22,576
This is not correct... I can only speak from my own personal experience on this.
When my daughter was still in high school she had saved up a little over $500 for a used car to which I was going to match.
Put in looking at what we could get I just could not see my little girl driving around in a POS car.
So we got her a new car to which (against every ones advice) I Co-signed for.
about 3 years in and after she had moved out of the house, I get contacted that she was 90+ days behind in payments.
Which hit her credit score hard... I had 30 days to make it current before it would start hitting my credit score.
So no it does not effect both parties equally unless it keeps going unpaid.
in the case of Maya being a student loan, the father evidently signs as guarantor of the loan.