Yes, co-signing may help increase your credit score, but it doesn't happen by just being a co-signer. The borrower should pay on time or in advance and avoid late payments, so both of your credit scores will increase. If the borrower make late payments, or defaults on the loan, your credit score will drop significantly just like his/her.
That is why being a co-signer is a tricky situation to be in. It can be both an advantage and disadvantage. Therefore, you need to be very careful on who you will co-sign a loan for. Stick to those people that you know, the people that you trust and who trust you.
If you are looking for other ways to improve your credit score, getting a small short-term personal loan is a good alternative. It is very easy to manage, plus your credit score will be affected only by your own actions. There are many private lenders that give out personal loans even with limited or no credit. One of which is STILT. The company gives out loans, especially to immigrants and non-immigrants like F-1, OPT, L-1, O-1, H-1B, J-1, and TN visa holders. There is no need for SSN or collateral when applying for a loan. You can get short-term loans at the lowest interest rates and approvals are released in 24 hours.
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