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Can a spouse with good credit cosign a student loan for their spouse with bad credit?
That is decided by the LENDER.
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%DETAILS% To answer your question: No, the credit of one spouse will not effect the credit of the other in any way. The only time the credit of one spouse will eff…ect that of the other is when both open a joint loan, or joint credit account, in which case those specific accounts will be reported to both of your credit histories. That's it! :o) Hope this answers your question. the last answer is correct. I would just like to add that as a stay at home mother with a husband with bad credit, I am severly affected. His bad credit is 6-10 years old, my credit is immaculate. We can not get a car or a house on credit, we have to pay cash for everything. we can not use my "perfect" credit because I do not work. We can not get approved jointly, and he can not get approved alone because of his horrible credit(even though he makes more than 100,000 a year). If you marry into bad credit it does not affect your score, but it may affect your life.
When you get married and you have good credit and your spouse has bad credit does your spouse affect your credit at all?
Answer If you trying to buy a house together, yes, his credit will be taken into consideration and you may have to pay a higher mortgage rate. If you are trying …to buy anything together because you need to consider his salary you may have problems. But just cause you are married to him does't automatically affect your credit. But he could potentially harm your credit if he defaults on any loans while you are married. Being married alone makes you accountable for what he does during your marriage in many cases.
Answer YES IT DOES....IF THAT STUDENT LOAN DOESNT GET PAID OFF BY THAT PERSON IT WILL COME BACK ON YOU AND CAN MESS UP YOUR CREDIT.MY FATHER COSIGNED FOR M…Y SISTERS STUDENT LOAN.BAD MOVE!!! BUT YOU LIVE AND LEARN......SO THINK ABOUT IT FIRST. Answer Yes, it does. The reason is because you have to assume responsibility is left unpaid. This is considered debt to you.
I have had a lot of experience with private student loans that are non-certified (they do not have to go thru your school to get approved). Next Student has a bit more l…enient credit guidelines than many other private student loan companies. You might also try Sallie Mae Tuition Answer Loan. Other loan companies that participate with "fair" credit are American General and Citifinancial. Good Luck!
Hi- Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally …liable for the loan, so if you cannot make the payments, you should not sign. The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high. Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
The rising costs of college tuition have made it almost a necessity to apply for a student loan today. Students not only have tuition costs, but the cost of books, meals, gas,… cell phones, recreation, etc. The variety of student loans enables students to take care of their varying college expenses. A student loan however, is a loan that must be repaid under specified circumstances.
No, your credit works independently of each other. Most couples share bad credit because they share the liability for the credit accounts. Thus, when they fall behind on payme…nts both their credit is affected. In the case where credit was obtained independently of each other, the bad credit will not carry over to the other upon marriage unless the spouse agrees to becomes a co-signer and agrees to become legally obligated for the debt.
Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay… the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as co-signer.
To get a personal loan with no credit or cosigner you can go online to find an online short term personal loans lending service. They are easy and convenient if you are in n…eed of extra cash between paychecks. One great aspect of short term personal loans is that you do not need a cosigner on the loan and the lender will not perform a credit check. To qualify for short term personal loans, you must: Be 18 years of age or older.Be a valid United States resident.Have a job with monthly income.And, you must have a current checking account at your bank.
yes. don't ever cosign ans Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer (who may be called primary signer). No differ…ence. That is the whole point of a lender requiring a co-signer! It is because the primary applicant doesn't qualify on their own creditability (for whatever reason) an somebody with better (frequently MUCH better credit) is needed for the loan to be made. (It makes no difference if the other person is related, or not, or working, or not, or this or that - ONLY that they have the needed credit rating to be approved for a loan on their own record. They are in fact getting a loan). EXCEPT a big difference and one of many reasons to NOT be one, is that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible. Add that to a credit professional at a lender is saying the primary does NOT qualify and it is very risky that the loan will be repaid and you see why so many keep saying - NEVER cosign for a loan. So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also. When someone dies, the estate becomes responsible for resolving all affairs, like loans. They must use assets to pay off debts, (before anyone else gets anything). If there aren't enough to pay off the loan, then the co-signer (if there is one) is responsible.
There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements. Some of these lenders even offer 1 minute a…pprovals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on. http://www.axalda.info/bad-credit-loans.html
If it is a bad credit history still the loan market is full of lenders who are always ready to offer a new loan. But you should meet some conditions, the set of lenders. Loans… for people with bad credit are actually easier to get then they never before, thanks to fierce competition among lenders. Lenders give loans to people with bad credit late payments, defaults, arrears, judgments of the district or credit problems. These loans are meant for other purposes like home improvements, buying a new or used car of your choice, for wedding and holiday tour, debt consolidation, or available to pay for education of the child. Each lender loan approval certainly like to see if the bad credit borrower has sufficient capacity to repay the loan on time. If the borrower earns well, has regular bank balance, has been an employee for several years and a loan repayment plan in place mandatory, while the lender usually does not hesitate much. So make sure you have enough capacity to repay before applying for a loan. Also, you should first check your credit report for errors. If your credit score is low, then you would be charged an interest rate very high. It is therefore advisable to first pay off debts easily and improved credit rating, then you should apply for a loan at best rates. Answer Yes, you can get a car loan with bad credit with a cosigner.for that you should take care of following things. first of all you should decide which car you want to buy.how much you can afford for this car loan.then contact to your lender. you should have continuous source of sufficient income that can pay your bills and your bad credit car loans,repairs,insurances, maintenance costs. you must have steady job of 6 months or more than it. you have to stay your same residence for 2 years or more. if you are having a large down payments it will also help you. credit union is also a good option for getting car loan with bad credit.you can be a member of credit union.it will help you. with cosigner if your cosigner having good credit score then he/she will help you in getting approved for a car loan with bad credit.
Answer . The only persons' responsible for a loan are signers of the contract who accepted legal liability. If a signor dies, their estate may be liable for remaining debt…s. Whether or not this applies in your case would depend on whether there was a will and prevailing state law governing that will. For the best information, your questions would need to be directed to an attorney.
Only the two consumer's who signed the contract are responsible. The debt will show on your husbands credit report. If you apply for joint credit in the future, any accounts …held individually or jointly with anyone else will be reflected on your credit report and may impact the score. So, if you anticipate wanting to get an account, or loan, with your husband in the future; it may be in your best interests to ensure this loan is paid as agreed.
If you have bad credit does having a cosigner with good credit on the loan lower your interest rate?
No. You are considered the primary debtor and therefore the interest rate would depend on your credit history.
If your spouse cosigns a loan for their child from a previous marriage will you have any personal obligation for the debt or will it affect your credit rating?
Answer *The point is they are married and although it won't affect her credit rating if her husband is stuck with this loan it will reflect on both of them… as far as possibly putting them into debt. If your spouse just cosigned then yes, they are responsible for that debt if their child decides not to pay. If the child does pay the payments then there should be no problem. Cosigning is never a good idea even if it is family because the cosigner is 100% responsible for that debt. * The non signing spouse would not be responsible for the debt nor would it affect his or her credit rating with perhaps the exception of applying for joint credit. Even if the married couple live in a community property state under such circumstances a spouse would not be responsible for the other's financial obligation that involved children of a previous marriage.
Without a credit history and a co-signer, you may find it very difficult (really impossible in this environment) to get a traditional loan. I would recommend, if at all possi…ble, to borrow money from friends and/or family if the loan you need is not large since the following options are not ones that I would want someone to use: * If the amount that you need is a small amount (less than $1,500), you only need that money for a short period of time (a few weeks), and you have a job with verifiable income (your paystubs will usually do), you may consider a payday loan. Though the fees are quite high, you do not need a credit history or co-signer to get the money. * Alternatively, if you own your car outright (have title), need a larger loan (which will depend on the effective value of your car), need the money for a relatively short period of time (a month or two), and you have a job with verifiable income (paystubs again), you may consider an auto title loan. The fees are lower than that of payday loans and credit histories are not needed, however, if you don't pay back the money, you will lose your car.