Debt Consolidation Loans Affect Credit

How much does it affect my parent’s credit score if they cosign a consolidation loan?

My parents have a credit score above 720 and mine is lower (620s), so I want to ask them if they’ll co-sign a consolidation loan for my student loan debt ($89,000). How much will it affect their credit score if they cosign? I’ve never made a payment late or gone over the limit on my cards, I just don’t have a very long credit history.
teriod: You’d think $89000 in school debt would mean getting a good job, wouldn’t you? It’s actually my husband that has the debt and he went to one of those “for-profit” career schools that’s not even regionally accredited, so all he can get is a job that pays $10.50 an hour. I wish I’d had control of our finances when he decided to go to that horrible school, I would’ve told him to just go to a state university- better education for a fraction of the price. Oh well, that’s life.

If your parents co-sign the student loan consolidation, it will only hurt their credit if you were late on your payments. As you are the primary applicant, the debt will reflect on your credit report.

One cannot accurately predict the effect this loan will have on your Parent’s credit, it will depend on any debts that they have outstanding, Debt to Income ratio, lenght of credit history and so forth.

You should shop around to get the best rate possible. Here are a few good links:

www.consolidateplus.com
www.freedomstudentloans.com

They offer a free consultation. Hope this helps.