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Can a spouse with good credit cosign a student loan for their spouse with bad credit?

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Answered 2015-07-15 18:42:11

That is decided by the LENDER.

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That is not likely because you wouldn't be a good credit risk.


In the USA, if the student loan is Federal like a Stafford or Perkins loan, then yes you can cosign with bad credit. If the student loan is a private student loan, then no, you must have good credit. Keep in mind, you should never take out private student loans out until you have used up Federal loans, grants, and scholarships. Private student loans have high interest rates and no benefits.


Anyone can if they have enough good credit. Relationship to you has no bearing.


yes, as long as your credit is good enough for the respective loans.



no you do have to have a cosigner with good credit in order to get a student loan.


Yes, that is the premise of having a cosigner. The person cosigning must have a reliable, acceptable level of income and a good credit history.


Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.


I don't think so. The reason for a cosign is because the person buying the car has bad credit and the cosigner is a guarantee to the bank the loan will be paid. Two bad credit reports doesn't equal one good one. Since you have credit problems I wouldn't sign because that will add to your debt ratio to income and actually harm your credit.


my aunt receives social security benefits as her only source of income and she was able to co-sign on my student loan. they are basically looking for someone with good credit and some sort of income.Your grandmother will be fine to co-sign.


no.my father cosigned for me,but the bank told me that anybody could cosign..good luck to you.


A student Credit card can be good if they are overseas or if they need emergency cash. They can also make a student more responsible and learn to handle money.


The best way to receive a good interest rate on your loan is to either have a good credit score or have someone cosign with a good credit score. You can usually receive the best rates with banks or credit unions that you have been a member of for a prolonged period of time.


If your spouse has a good credit record that lender should approve. However, you will need to discuss it with the lender.


you need to get someone with good credit who trusts you and is willing to cosign for the loan, meaning they will cover the payments if you screw up.


Anyone the lender accepts can be a cosigner...that is entirely the lenders choice. However, they naturally want someone more qualified, having a higher credit score, than the primary. Your father likely does not.


No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.No. You would not be a good credit risk nor a sensible guarantor if you are in bankruptcy yourself.


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.



Whether he lost his licence doesn't matter. What matters is that he is making money and is able to pay if you default on the loan. It also helps if he has good credit.


It depends on how bad the credit of the other spouse is. If their credit isn't at least decent, getting a joint loan will be based upon the FICO scores of both parties. You won't get to choose the higher score in order to get a good rate. So, it would be best to get separate financing until the spouse with the poor score improves their credit.


A credit card is something that every student over 18 needs because it helps them build up their credit rating by the time they graduate from college or university. Some of the good credit cards that offer credit cards for students are: Discover It for Students, Journey Student Rewards from Capital One, Citi Forward Card for college students, and Citi Dividend card for college students.


student credit cards and other credit based items such as student loans - Students: apply online fast with a credit card company of your choosing when you feel you are educated and ready. A college credit card can be a student's first step in building good creditA student's first step in obtaining a credit card is to become educated about wise credit usage.


A good site for finding information regarding student loan consolidation and credit scores in relation to that would be at www.finaid.org. They state that a credit score of 650 or lower is regarded as "subprime", but lenders have been experimenting with accepting a wider range of credit scores. Good luck!


NO. The lender will want to be certain that the co-signer is solvent. Not having a job would not be acceptable.



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