i had a credit card in my name i was just a signer on it but i did use it can i get into trouble with the law for this i was given permission by the main card holder that i could use the card
No.
A co-signer is equally responsible for any debt, so whatever negotiation si reached will bind the co-signer as well. Initially, the bad credit is reported only to the primary on the account, but if the co-signer cannot step in and make th payments, his credit history can also be affected. NEVER be a co-signer.
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.
Yes, the obligation will be reflected on the co-signer's credit. Lenders do not differentiate between a signer and a co-signer. Both are responsible for the repayment of the loan. If the signer stops making payments, the lender will look to the co-signer for full repayment of the obligation. Co-signer be aware!
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
usually if you have no credit history they recommend you use a co-signer. However, if you are a student you may qualify for a first time credit card owner.
If you are unable to secure a loan or lease without a cosigner, your best option may be to work on improving your credit score or building credit history so that you can qualify on your own in the future. Additionally, some lenders or landlords may be willing to work with you if you can provide a larger security deposit or show proof of stable income. It's also beneficial to explore alternative options such as finding a roommate who is willing to cosign or finding a cosigner through online platforms that connect borrowers with potential cosigners.
If a co-signer has no credit, the person may not be able to obtain what they are wanting. This might be a car, or house, but if a co-signer is lacking something, the company may not allow the purchase.
Yes. Anytime you enter into a contract as a co-applicant, co-signer, co-owner, etc. you are equally responsible for the debt incurred.
The easiest way would be to get a secured credit card, which means you essentially pay for it. But if you're credit is passable, you may be able to get an unsecured card on your own or use a co-signer to boost your chances.