Will cosigning affect my parents credit immediately?

[cb209]

My parents plan on buying a house soon and are afraid that cosigning a loan for me will hinder their chances of getting a loan with a desired interest rate for the house. Will cosigning immediately affect their credit?

Edited July 20, 2006 by cb209

[razberry]

I'm wondering the same thing, but it's the opposite situation. I'm the parent whose student will have to transfer to a 4 yr school next year and we'll have to either parent loan or cosign and are wanting to buy a home now.

[lobsterboy]

Well here is my experience this year, 50,000 loan for UM for my son on my report shows as an installment loan and had ZERO positive or negative effect on my score. It does show up in the overall debt but did not hurt score reporting now for over maybe 7 months. One thing I do not like is that the initial balance reports THEN every month the interest is added to it so it appears you owe more than the original note (true) but looks strange as if you went over the limit!