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What else can I help you with?
How can personal responsibility affect your credit report?
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.
What are the consequences if a person quits making payments and the car is in your name?
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.
Will co signing hurt your credit score if the payments are made ontime?
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.
Can you transfer car payments to another person?
Yes, car payments can be transferred to another person through a process called a loan assumption or a loan transfer. This typically involves the new person meeting the lender's credit requirements and agreeing to take over the responsibility for making the payments on the car loan.
Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?
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.
Can a co signer sue the person who defaulted on the loan for the amount of the loan in question since the car was reposessed and that person is working and more than capable of making the 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.
How can someone start a credit history in the USA?
To start a credit history in the USA, a person can apply for a secured credit card, become an authorized user on someone else's credit card, or take out a credit-builder loan. Making timely payments and keeping credit utilization low can help build a positive credit history.
You bought a car someone else is making the payments and has defaulted on the loan can you get this off your credit report?
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.
When are you in credit card debt?
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.
How does taking over payments work for a car loan or lease?
Taking over payments for a car loan or lease involves transferring the responsibility of making payments from the original borrower to a new person. This typically requires approval from the lender or leasing company, and the new person must meet their credit and financial requirements. Once approved, the new person assumes the remaining payments and ownership of the vehicle until the loan or lease term is completed.
Who is a drawer in a check?
the person making out a cheque and using it for payments
What is a high credit score rating?
A high credit score rating means someone is in good standing credit wise. They are prompt in payments and always pay payments in full. A good credit score is sought after by many people, because its a mark of a responsible person.
