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No, most lenders will be looking at your credit before they accept you as a
cosigner. They are looking for someone responsible since you are in essence saying that you will be paying the loan if the primary signer can't
for any reason--sickness, death, layoff, loss of job etc. It will be your job as a cosigner to follow up and making sure the primary person is making payments...if they are not you will need to.
This will affect your credit if you let it go...and it will not be good. It could also last for years affecting both of your credit reports..
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∙ 16y ago
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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Can a person with bad credit cosign for a car loan?
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.
Can you have a person with new credit cosign your loan?
It's up to the lender.
Can your parents cosign for your house loan?
Anyone can if they have enough good credit. Relationship to you has no bearing.
Can you cosign multiple loans?
yes, as long as your credit is good enough for the respective loans.
Can a spouse with good credit cosign a student loan for their spouse with bad credit?
That is decided by the LENDER.
Does your credit go bad if you cosign on a car?
if the principal loanholder defaults you will be stuck with the payments.Miss them and your credit can go VERY BAD!
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Can a person with bad credit cosign for a car loan?
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.
What happens to your credit if you cosign for a family member as a favor and they fail to make timely payments on it?
You will have the same BAD results as if you had co-signed for a total stranger. Anytime a loan is not paid,not paid on time or defaulted on, the credit results are BAD for anyone signatory to the loan.
Can you have a person with new credit cosign your loan?
It's up to the lender.
Can you cosign on more than one car?
Probably not. Unless you have exceptional credit.
Can you co-sign student loans for two children?
Yes, it is possible to cosign for student loans for two children. To cosign, one will have to meet the credit requirements.
Are the any bad credit lenders in the Killen Texas area?
Anything that says payday loan, auto loan or anything such as this would be a bad choice as a credit lender. Banks and credit unions however are the best choice.
Can your parents cosign for your house loan?
Anyone can if they have enough good credit. Relationship to you has no bearing.
Can you cosign multiple loans?
yes, as long as your credit is good enough for the respective loans.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
