0
Does a cosigner with good credit have to be currently employed?
Wiki User
∙ 17y ago
The bank will not allow them to co-sign if they have no way to pay the loan. You must remember the reason a lender requires a co-signer is to make another party responsible for paying the loan in full if you don't.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoThe bank will not allow them to co-sign if they have no way to pay the loan. You must remember the reason a lender requires a co-signer is to make another party responsible for paying the loan in full if you don't.
The bank will not allow them to co-sign if they have no way to pay the loan. You must remember the reason a lender requires a co-signer is to make another party responsible for paying the loan in full if you don't.
The bank will not allow them to co-sign if they have no way to pay the loan. You must remember the reason a lender requires a co-signer is to make another party responsible for paying the loan in full if you don't.
The bank will not allow them to co-sign if they have no way to pay the loan. You must remember the reason a lender requires a co-signer is to make another party responsible for paying the loan in full if you don't.
Wiki User
∙ 17y agoNot necessarily, but he or she must have a verifiable and acceptable source of income.
Add your answer:
Earn +20 pts
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.
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.
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.
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.
If your cosigner's credit is good but yours is not so good will you be denied an apartment?
The company extending the credit is the judge of that. they have guidelines to determine who that extend credit to.
Does a cosigner on car loan have to be licensed?
No, they just need good credit.
Can you get another loan without a cosigner?
Yes, if you have a good credit score.
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.
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.
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 a cosigner need good credit?
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.
