Am I better off applying for an auto loan on my own with a good 2 year credit record or should I add a co-signer with a bad credit record over 5 years?

What happens if you are a cosigner on a house that is being foreclosed on?

The foreclosure will affect your credit record. You are fully responsible for paying the loan.

What are the alternatives available to you when applying for a cash loan when you have a bad credit record?

One alternatives available to you when applying for a cash loan when you have a bad credit record is having a co-signer. Also one can get a Peer to Peer loan.

Should a co signer be told if something they signed for is getting repoed?

No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.

When is co signer required to take over student loan payments?

The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.

Your car gets repossessed and you have a cosigner. What happens to the cosigner's credit?

The co-signer's credit record is wrecked as badly as the primary borrower's. The co-signer has guaranteed the loan would be paid and they are held equally responsible for paying the loan if the primary borrower fails to pay. It will be noted as a default on their credit record. "Co-signers" who agree to guarantee repayment of a loan for a poor credit risk often do so without understanding their own risk and whether they have the resources to repay that loan.

Does cosigning on a loan affect the cosigner's purchasing power?

Yes since it will show up on your credit record as your debt. You are fully responsible for any loan that you co-sign.

Is it better to short sale a house or refinance to get credit in good standing?

It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.

What happens to the co-signer if a car is repossessed?

The debt and repossession will become part of the co-signor's credit record. The co-signer of any loan has the same financial obligations and liabilities as the primary borrower. They can be sued and have their wages garnished or bank account frozen. The co-signor has the same responsibilities as the signor. Since the cosigner generally has a better financial situation than the borrower, debt collectors tend to target the cosigner with aggressive debt collection strategies. This can include frequent telephone calls, letters, threats of legal action and damaging the cosigner's credit report as well as the borrower's.

Does a cosigner have to have a glowing credit history to cosign on a lease agreement for apartment - if their income is good?

They must have a good credit record. Many people with good incomes don't pay their bills and that makes them poor credit risks.They must have a good credit record. Many people with good incomes don't pay their bills and that makes them poor credit risks.They must have a good credit record. Many people with good incomes don't pay their bills and that makes them poor credit risks.They must have a good credit record. Many people with good incomes don't pay their bills and that makes them poor credit risks.

If you are getting your drivers license will you be able to take out a loan with a cosigner?

One has nothing to do with the other. The lender doesn't care if you have a license, he wants a cosigner because you don't have a good credit record. Just getting a DL says you are not quite old enough to legally borrow money unless you have COLLATERAL.

How does a credit card account settled for less than the full amount effect a cosigner?

A settled credit card account affects the co-signer in the same manner as the primary card holder. Settlement is payment for less than the full balance on a defaulted debt. Defaulted debts ruin your credit record. The co-signer is liable for the debt and the record of its' activity shows on that persons' credit for the full reporting time period.

Do you have to have your driving record to get car insurance?

No, they will ask you questions about your driving record, but they can get your record from the state you are applying in.