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Can you be a co-signer on a loan if unemployed with good credit rating?
Wiki User
∙ 12y ago
The reason a lender requires a co-signer is to guaranty the loan will be repaid if the primary borrower doesn't have a strong enough credit record or an adequate income. Indeed, if the primary fails to pay the co-signer is fully responsible for paying the balance of the loan. It is unlikely you would qualify as a guarantor if you are unemployed yourself but you can ask!
The reason a lender requires a co-signer is to guaranty the loan will be repaid if the primary borrower doesn't have a strong enough credit record or an adequate income. Indeed, if the primary fails to pay the co-signer is fully responsible for paying the balance of the loan. It is unlikely you would qualify as a guarantor if you are unemployed yourself but you can ask!
The reason a lender requires a co-signer is to guaranty the loan will be repaid if the primary borrower doesn't have a strong enough credit record or an adequate income. Indeed, if the primary fails to pay the co-signer is fully responsible for paying the balance of the loan. It is unlikely you would qualify as a guarantor if you are unemployed yourself but you can ask!
The reason a lender requires a co-signer is to guaranty the loan will be repaid if the primary borrower doesn't have a strong enough credit record or an adequate income. Indeed, if the primary fails to pay the co-signer is fully responsible for paying the balance of the loan. It is unlikely you would qualify as a guarantor if you are unemployed yourself but you can ask!
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThe reason a lender requires a co-signer is to guaranty the loan will be repaid if the primary borrower doesn't have a strong enough credit record or an adequate income. Indeed, if the primary fails to pay the co-signer is fully responsible for paying the balance of the loan. It is unlikely you would qualify as a guarantor if you are unemployed yourself but you can ask!
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Does a cosigner have to have a good credit rating to cosign?
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
Does a cosigner need good credit?
A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
Are interest rates high when unemployed people take out a loan?
It depends on how your credit rating is, or what your income is. If they consider you a high risk, you may not get a good interest rate. When you are unemployed, you may be considered a high risk.
Can a cosigner help your credit?
from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.
What credit card companies will allow you to apply with a co-signer?
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
Does a cosigner have to have a good credit rating to cosign?
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
Does a cosigner need good credit?
A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
Are interest rates high when unemployed people take out a loan?
It depends on how your credit rating is, or what your income is. If they consider you a high risk, you may not get a good interest rate. When you are unemployed, you may be considered a high risk.
Can a cosigner help your credit?
from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.
What credit card companies will allow you to apply with a co signer?
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
What credit card companies will allow you to apply with a co-signer?
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
What does a cosigner have to to have?
A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.
Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
If your cosigner's credit is good but yours is not so good will you be denied an apartment?
The company extending the credit is the judge of that. they have guidelines to determine who that extend credit to.
Does a cosigner on car loan have to be licensed?
No, they just need good credit.
Can you get another loan without a cosigner?
Yes, if you have a good credit score.
