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If you have a bad credit record, that indicates to a lender that you are likely not to repay your loan. If you have no credit record, a lender cannot determine whether you are likely to repay your loan.
In either of the above cases, the lender may want you to find someone who has a good credit record that indicates he or she is likely to repay the loan to act as your co-signer. A co-signer becomes equally responsible for repaying the loan with you. If you fail to repay some or all of the loan, the lender can require the co-signer to repay it as if the co-signer had taken out the loan him or herself. (The co-signer can then take action to try to recover the payments from you, but that does not concern the lender.)
The co-signer is a person with good credit (or at least better credit than you) to whom the lender can turn for repayment if you fail to repay. Having a co-signer makes the lender more confident that they can get repaid.
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What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
You are underage with bad credit do you need a cosigner?
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
Do first time renters need a cosigner on a lease?
No, first time renters do not generally need a cosigner. They may if they are young like 18 years old or have credit or financial issues.
What credit score does a cosigner need to have?
usually over 680
What is a sentence using cosigner?
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.
Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
Does a cosigner on car loan have to be licensed?
No, they just need good credit.
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
Do You need a cosigner if your married?
Having a cosigner has nothing to do with your marital status. It's all about your credit. If you do need a cosigner for lets say a car loan, then it's better to have your spouse sign than ask a relative/friend to sign. Unless your spouses' credit is bad, then you have to look into a person who has good credit. Hope this helps!
You are underage with bad credit do you need a cosigner?
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
If you want to take out a loan and are in the process of getting your license will you be able to take out a loan with a cosigner?
You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.
How can you obtain a student loan without a cosigner?
You can get a federal loan also known as Stanford loan, as it isn't based on your credit history it doesn't need a cosigner. Private loans also don't need credit history and other stuff.
Do I Need A Cosigner To Get A Business Loan?
In case your cosigner has an excellent credit score and is a relative or closely affiliated with your business, this can help you qualify for a business loan.
Do first time renters need a cosigner on a lease?
No, first time renters do not generally need a cosigner. They may if they are young like 18 years old or have credit or financial issues.
Do average college freshmen need a cosigner when getting Chase student loans?
Most freshman will in fact need a cosigner for loans. The need of a cosigner is dependent on how much good credit history the student has available. So, if for example the student was in their late 20's and had successfully paid all debt prior they would not need a cosigner.
