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Depending on the lending laws in your state, yes. Some states require lenders to consider both applicants' credit scores, some only require the primary applicant's score be considered when determining the rate, while using the cosigner's score to determine whether or not to apply. Either case though, a cosigner with a better credit score than the primary applicant can only positively affect the interest rate or not affect it at all; it won't make it any worse.

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Q: If the cosigner has a good credit score will this affect your interest rate on a car loan?
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Can I apply for a car loan with a credit score of 593?

This is a very poor credit score. You can apply but it is unlikely you will get a loan without a cosigner. If you are able to get a loan without a cosigner your interest rate will be very high as compare to someone with a good credit score of over 700.


Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?

The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.


Does your credit score affect the interest rate when you apply for home financing?

Your credit score can possibly affect your interest rate when you apply for home financing. If you have a low credit score, you are considered a higher risk to the bank, and therefore, they may raise your interest rate.


Does a business credit card affect credit score?

All loans and credit cards have an affect on your credit score. Failure to use your credit cards responsibly will reduce your credit score and increase your interest costs.


What is the relationship between credit and loans?

Yes, your credit score does affect the loans you are able to receive. The better your credit score, the better of an interest rate you will get.


What credit score does a cosigner need to have?

usually over 680


How does it affect your chances of getting a mortgage if you are the cosigner for someone's apartment?

It should not affect your chances at all unless the payments are delinquent and end up affecting your credit score. Your credit score is the first the lenders look at when decided what type of loan you qualify for.


Can you get another loan without a cosigner?

Yes, if you have a good credit score.


Can prompt payments help increase a cosigner's credit score?

yes


What is the lowest a cosignee's credit score can be?

Most lenders prefer a cosigner to have a credit score of at least 620. However, cosigners with a credit score of 720 or above is always preferred.


Does a parent's credit score affect student loan?

If the student loan is taken out in the name of the student then no. The student's credit score is separate from anyone else's. If the student loan is taken out in the name of the parent or with them as cosigner then yes - their credit scores would come into play.


Do late payments affect a credit score?

Yes, they will both reduce your credit score and impact future payments on that card (e.g. increased interest rate, late fee charges).