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What is the risk to you if you co-sign for a friend's credit card and they are unable to make payments?
If you co-sign for a friend's credit card and they can't make payments, you are legally responsible for the debt. This can damage your credit score and financial stability.
Can you have a co signer with good credit co sign for a car loan if you have bad credit?
yes
How does co-signing affect your credit?
If you co-sign a loan, be aware that the loan will be on your credit bureau record. You will be responsible for paying the loan if the primary borrower fails to pay. Any defaults will be reported under your name. It will reduce your credit score. If the primary borrower or the co-signer does not pay the loan on time it will drop your score more dramatically. It will reduce the amount you can borrow yourself since it will count as your debt.
If you co-sign for a car can you purchase another car for yourself?
It all depends on your credit score. You would have to be able to qualify for both the co-signed car and the one you want to purchase for yourself.
Can you have a co-signer for CareCredit?
Yes, you can have a co-signer for CareCredit, which can help you qualify for the credit card if you have a limited credit history or a lower credit score.
Can you co sign on a house after bankruptcy?
A person that files for bankruptcy will more than likely have their credit score decline. This will not make them a good candidate for being a cosigner.
What credit score is needed to cosign for someone else?
Most business require atleast a 680-700 credit score to be a co-signer.
Does co-signing apartment lease affect credit score?
Anytime you co-sign anything with anyone your credit is just as much affected by it as their credit is. The reason we co-sign is because the person you cosigned for did not have enough, or good enough credit. When you co-sign for someone and you have good enough credit to get them the loan or the apartment, your just becoming the responsible in the situation. The outift accepting the application can see that the original person doesn't have that great fo credit but you do, so they know there is someone responsible to make sure that the payment is made because if they don't make their payment the first person the loaner is going to call is the cosigner, and it hurts your credit just as much as it hurts theirs.
Will it hurt a co-signers credit if they co-sign for a loan foe a person with bad credit?
yes their putting their name and creidt score on the linr for and if you don't pay it means that their saying they will or if you drfault or make late payments without their knowlage they allso take the hit
Who can co-sign auto loan?
Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.
Can you co-sign for a car if you have no credit?
Its very unlikely.
What if I have a credit score of 625 and my spouse has a credit score of 675?
One's partner does not affect the other partners score because score are based on the individual consumer. But if a lender is asking for both individual's information ie) co-sign loan, then both scores may be taken into consideration since both are responsible for the loan if the other does not pay on time.
