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If you are a co-applicant on a car loan but not the primary does it get reported on your credit report as well as the primary applicant?
Wiki User
∙ 8y ago
Yes. And it will make a difference in your income to debt ratio.
Wiki User
∙ 8y ago
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Will a co-applicant who has bad credit hurt the chances of the primary applicant getting approved for a loan assuming the applicant has good credit?
yes unfortunatly i think so.
What will happen if the supplementary card holder is asked to pay for their purchases?
In this case the actual account holder/ the primary applicant of credit card will have to pay the bill.
When is a co signature required for a car loan?
Whenever the lending institution wants one. Basically, if the primary applicant has no credit history, or a poor credit history, lenders may require that someone with a longer/better credit history cosign.
Does sears credit cards in Canada has co-applicant?
No. You may have an authorized user but al lcard issue by chase card services in canada are with a single primary user.
How do lenders find information about bad credit when dealing with a mortgage applicant?
Lenders find information about bad credit when dealing with a mortgage applicant by running a credit check. They send your information to a credit service to see what information they can find.
Will the primary and co signer have bad credit if a car is repossed?
Yes. It will be reported on their credit records.Yes. It will be reported on their credit records.Yes. It will be reported on their credit records.Yes. It will be reported on their credit records.
Will a co-applicant who has bad credit hurt the chances of the primary applicant getting approved for a loan assuming the applicant has good credit?
yes unfortunatly i think so.
If there is a primary borrower and co-borrower on an auto loan do both get credit reported?
Yes.
What is all of the information on a credit card application used for?
The information given by the applicant is not only used to verify the applicant's identity, but also to obtain their credit score, which will determine if the applicant is accepted as well the credit line offered to the applicant.
If you use MBNA Cleansweep for 10K debt but need a co-applicant can the co-applicant's credit be hurt?
Yes. The debt will appear on the co-applicant's credit reports
What will happen if the supplementary card holder is asked to pay for their purchases?
In this case the actual account holder/ the primary applicant of credit card will have to pay the bill.
Can a co-signer ask the bank to repossess the property covered by the loan?
No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
When is a co signature required for a car loan?
Whenever the lending institution wants one. Basically, if the primary applicant has no credit history, or a poor credit history, lenders may require that someone with a longer/better credit history cosign.
You are attempting to establish credit in your own name your mother is co-borrower on your student loan Will it show on your credit score?
It will only show on the primary borrowers credit report. If the primary defaults on the loan then the responsibility falls to the co-signer. In brief, if the loan is in good standing the primary borrower will have it on their credit report only. If the loan is late or is defaulted it will be reported on both the primary and co-signers report.
Does sears credit cards in Canada has co-applicant?
No. You may have an authorized user but al lcard issue by chase card services in canada are with a single primary user.
What can you do if you were added as an authorized used to a credit card and now the primary is saying you were not and reported fraud?
Somebody had to SIGN that authorization check at the bank for the signature
How do lenders find information about bad credit when dealing with a mortgage applicant?
Lenders find information about bad credit when dealing with a mortgage applicant by running a credit check. They send your information to a credit service to see what information they can find.
