Will buying an ATV lower or raise my credit score?

I have bad credit, my scores are 587,526,567. I have 9 negatives and 4 positives. 5 of the negatives will be removed By March 08'. I already tried getting a loan for an ATV but was denied. If I apply with a cosigner who has excellent credit will my score go up? I know I will get approved with the cosigner, Im just not sure if it will raise my credit scores or hurt them because I added another item on my report. Any advise would be greatly appreciated. Thanks

Public Comments

1. Your score will go up if you pay your bills on time. An installment loan might help, provided you pay it on time. You won't inherit the co-signers good credit. Instead of taking out a loan, why don't you save up and pay cash for the ATV. You'll save a lot of money on interest.
2. Your score only goes up when you pay on time and eliminate outstanding accounts. doesnt matter who the cosigner is. does not matter how much you owe. always pay on time.
3. you borrowing the money will in some ways hurt them, because they are in debt as well. even though it is under your name, if you default on the loan it goes to them. the good thing is if you are responsible and pay your bills on time and a little extra it will increase both credit score. the reason why i know this is because my mom co signed for my cousin (school), my mom score dropped but they have been paying on time and her score is raising back up
4. I sure wish people would do their research before answering here. First, as long as those negatives are on your credit report your score will stay below 620. When you apply for your ATV loan, that score is going to cost you more in interest. Therefore, if you could somehow hold off until March, do so. Trying to remove the negative items will take a few months anyway. Keep in mind that your credit score is made of of several factors. Adding more debt will hurt your score for a few months. It takes about 6 months of on-time payments before it will start going back up. So again, we are back to that March '08 date. Hope this answer helps.