Credit and Debit Cards
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Can someone with bad credit co-sign with someone with good credit and get a card using the other person's good credit?


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2015-07-15 19:53:50
2015-07-15 19:53:50

You've got that stated backward. The person with bad credit who needs a credit card would be the borrower. He has to find someone with good credit to be the cosigner. And the cosigner has to really trust the borrower because he is going to be responsible for repaying the card if (when) the borrower doesn't.

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If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.

To cosign is to take on the financial responsibility of another's agreement if they were to default, such as cosigning on a loan. Cosigners are often required for loan approval if the initial signer has insufficient credit history or for any other reason is unable to qualify alone.

The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.

It will be listed on the person's credit report. How it affects the report depends upon the amount co-signed for, the co-signer's personal debt-income-credit ratio, and if the primary borrower honors all the terms of the agreement, and other factors.

Each states bankruptcy Laws are different. But in most cases if you co-sign and the loans does not get paid your credit can go down the tubes also.

well, you kiss alot and put your tongue in the other persons mouth.(:

You should have sex with them and if your mom disagres say it was the other persons falt.

If someone is in debit the bank can reduce their credit access several times, according to the credit amount and several other factors which can be different from bank to bank.

There is no way to answer this specifically. The persons involved would have to contact credit card issuers and ask about terms. It should be noted that cosigning anything affects the persons credit score and income ratio on their report. Credit card companies and banking institutions just love people like you! DON'T CO-SIGN! Once you put your name on that document you are responsible for that debt! You earned your good credit rating and the other person didn't so let them get themselves out of their own mess whether it be a family memeber, daughter, son, or friend. You will undoubtedly get stuck with this bill!

When you cosign on a loan, you are liable for payment of that loan if the other person does not make payments. Any late payments and other negatives will be reflected on your credit report. The debt will be included in your debt-to-income ratio. If the person makes all payments on time, it could actually help your credit score. Usually, it's the other way around, though. Bottom line: as a cosigner, you are treated as a signer.

I doubt you can. Credit is normally non-transferable - you would have to send the money to the other person and let them apply the credit to their phone.

Like any other debt you are responsible for, it can be reported to credit reporting agencies as a debt you owe. Owing money is and of itself is not necessarily bad, but remember that 1) creditors may look at how much debt you have in deciding whether or not to grant you credit, and 2) if the other borrower fails to pay, you have to pay yourself, or your failure to pay as agreed can also be reported. You can be released from the cosigner obligation if you have the original debtor consolidate the loans in only their name. Here is a site that can help consolidate the loans

When someone only places focus on their wants and needs and disregards the other persons.

Keep your credit seperate! When purchasing a home, you can use the other income without using their credit. They will have to sign papers but it will give you a better interest rate. For more information about Credit, you may want to check out The Credit Bible by Phil Turner. Its a great souce to learning all about the credit system.

No, this is not possible. Legally, you have to enter a binding contract with a credit company, and even with a cosigner, no one under the age of 18 can legally enter into a contract. If you are emancipated, then you are considered a legal adult, and then that would be a different story. Other than that, this is not possible. -Jesse

They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.

The creditor will seek repayment of the car loan from the cosigner. As long as the cosigner pays, their credit will not be affected. However, if they are unable or unwilling to pay, the debt will be pursued like any other bad debt, and it will affect their credit rating.

Most investors look at the middle score of the person with the worst credit. Both borrowers are considered, but the borrower with the lowest credit will have a big impact on the underwriting decision and the interest rate you get.

Love has a variety of characteristics. Love is when someone would put the other person first, it see the beauty of the persons soul, and it is when someone feels they needs someone.

if the commercial account are in the same persons name as the personal account yeah im guessin

One can fill out an online credit card application for bad credit at DKB Germany website, Credit Net website and Loans for Poor Credit. Other good places are Barclay Card and Personal Loans for Bad Credit.

The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)

You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.

Yes ... why would a creditor someone even consider taking a credit card payment from someone who has a history of not paying their credit card bills. Think !!!

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