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Can co-signing a car loan affect your chance to get a student loan?
Wiki User
∙ 8y ago
Only your previous federal loan history affects your ability to get most federal student loans.
For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision.
Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
Wiki User
∙ 8y ago
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How does cosigning for a car loan affect your credit?
No.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
Does your bad credit rating affect your children if they want a loan?
only if your cosigning
Can social security take your check if you are a co-signer on a student loan?
If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.
If a student loan is paid in full by the student does the cosigner have to pay the like amount also?
Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.
How much will cosigning a student loan lower your credit score?
Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
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.
If a student loan requires a cosigner is this a bank loan and not a Federal Student Loan and will cosigning affect your potential borrowing power?
A federal Stafford loan does NOT require a cosigner. If you do co-sign a private loan, both parties have liability to the debt. The co-signer is liable for the balance just as if they had co-signed for the student for a car, signature loan, mortgage, etc. It is just a different type of loan that can be taken out from the bank. Liability standards/payment terms can verify by the qualifications of the co-signer or student - so an inquiry to the banking institution you would do these loans for would be the safest bet.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
Does immigrating affect your student loan?
Yes.
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
