Creditors will often take into account how responsible a person is in making payments on their loans and credit cards.Making payments on time, keeping your credit utilization low and establishing a solid payment history are some actions that can have a positive impact on your score.
If your name is the borrower name and someone else is making payments and they suddenly stop; then the car will eventually get repoed and it will show on your credit report.
Provided the payments are made on time, no this will not hurt your credit score. If the person you are co-signing for doesn't make the proper payments on time and you cover the payments so that they are in full and on time, your credit score will be fine. The only concern is if the payments aren't made on time or in full your credit score will be hurt as much as the person's for whom you are co-signing. In essence, co-signing a loan means you take responsibility for making sure the other person will make the proper payments on time and in full.
A credit card is a line of credit given to a person that has good credit. the person can charge things and pay it back with small payments each month.
it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.
the person making out a cheque and using it for payments
Not likely. If you cosign then you are saying "I trust my credit in this person's hands." If the signer does not pay then it is the responsibility of the cosigner to take care of the payments.
Yes..... I did
A person is in credit card debt when they have charges on their credit card and can not pay them. A person can make charges on a credit card and make payments at a later date. When a person charges on their credit card, the charge is now a debt that must be paid.
Yes, Orchard Bank online payments are legal payments. Making online payments is faster, easier, and often more secure for both the person making the payment and the bank itself.
The car, regardless of who's making the payments, is your responsibility. You bought it, you're the owner. This is why it's not wise to buy such large items for others and then assuming they'll make good on the payments. If you have a written agreement with the other person that states they're responsible for payments, you could sue them to collect, but as far as lenders and your credit are concerned, the car belongs to you.
To find information on credit card payments it is necessary to contact the specific company. Over the phone, the website and in person are all ways to get the information.