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My credit score is really good (around 695-700) considering my age and how long I have had credit (only about 2 years). I'm thinking about applying for a mortgage, but I have a high balance on a major credit card that I am slowly but surely paying down. My mother has offered to cosign on a mortgage if needed, but she recently bought a high-risk business. If she has to declare bankruptcy down the line, will that affect my credit score negatively?
Thank you!
credit
That I'm not sure of (I'm not one of the experts on the Forum). However..I DO know if she agrees to co-sign for you, she is taking the responsibilty of paying back the loan if you can't. Also...if a lender thinks that your mother is 'high risk' for a loan, they may not let her co-sign. Did the lender run your mother's credit yet? (One of the Forum experts should be around to answer your question specifically soon).