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A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.

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โˆ™ 2006-04-22 00:39:55
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Q: Does a cosigner need good credit?
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Does a cosigner on car loan have to be licensed?

No, they just need good credit.


Can a person on ss be a cosigner?

Yes, it's income but need good credit & enough to qualify.


Do You need a cosigner if your married?

Having a cosigner has nothing to do with your marital status. It's all about your credit. If you do need a cosigner for lets say a car loan, then it's better to have your spouse sign than ask a relative/friend to sign. Unless your spouses' credit is bad, then you have to look into a person who has good credit. Hope this helps!


Can a cosigner help your credit?

from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.


Do average college freshmen need a cosigner when getting Chase student loans?

Most freshman will in fact need a cosigner for loans. The need of a cosigner is dependent on how much good credit history the student has available. So, if for example the student was in their late 20's and had successfully paid all debt prior they would not need a cosigner.


What credit score does a cosigner need to have?

usually over 680


What is a sentence using cosigner?

If you need a cosigner for the loan because of bad credit, it means you can't afford the car.


If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?

Yes.


Can you tak a loan for your study?

Yes. If you are under 18 you will need a cosigner. This could be your parent or another relative with good credit.


Do you need a cosigner to have your own credit card?

No. Credit card companies will not give to people who have no income.


Does a cosigner have to have a job?

No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.


What does a cosigner have to to have?

A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.


If we have bad credit will a cosigner help us get a mortgage?

Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.


How can I get a student loan without a cosigner?

Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"


Can you get another loan without a cosigner?

Yes, if you have a good credit score.


You are underage with bad credit do you need a cosigner?

absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.


Can a person with bad credit get unsecured loans or will he need a cosigner?

Surprisingly, even a person with a bankruptcy can often get small unsecured loans with a couple years of good payment history. Other loans will need a cosigner or may be totally unavailable, though.


Does having a cosigner help your credit?

Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.


Does the buyer of a car have to have a job if they have a cosighner and for how long?

if you have a good cosigner then all that matters is their credit and work history... if you renage on the deal they go after the cosigner


Where do you get a car loan with no credit and no cosigner?

Some who has character My Friend it is very difficult to get car loan with no credit and no cosigner although you have to contact some good car lenders in your area they can guide you better.


If you want to take out a loan and are in the process of getting your license will you be able to take out a loan with a cosigner?

You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.


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

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.


How can you obtain a student loan without a cosigner?

You can get a federal loan also known as Stanford loan, as it isn't based on your credit history it doesn't need a cosigner. Private loans also don't need credit history and other stuff.


Do I Need A Cosigner To Get A Business Loan?

In case your cosigner has an excellent credit score and is a relative or closely affiliated with your business, this can help you qualify for a business loan.


Do first time renters need a cosigner on a lease?

No, first time renters do not generally need a cosigner. They may if they are young like 18 years old or have credit or financial issues.