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Of course. Although a consumer would not be asked to co-sign if they also needed to "build credit".Professional lenders insist on a co-signer when they have reason to believe that the primary borrower will not repay the loan. If a lender (who's business is to lend money) believes that your friend or relative is a bad credit risk, why would you jeopardize your credit to help them secure a loan.Co-signing a loan makes both parties 100% liable for the debt.
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∙ 10y ago
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Can you improve your credit score by cosigning for someone who has perfect credit?
Yes you can, if approved it will show positive on both reports.
Does cosigning a loan affect your credit the same as being the primary person on a loan?
Yes if you co-sign for a vehicle you are just as liable as the primary person so if they dont pay you have to pay or both your credits are hurt
Cosigning on merchant account for someone with bad credit history?
I am not clear as to exactly what you are asking, but I can refer you to a couple of good resources for businesses whose owners have a bad credit history, but are seeking to get a merchant account. These are The Merchant Account Advisor and Merchant Account Exploer. Both have web pages devoted to the bad credit merchant account issue and list a number of processors who should be able to help.
If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
Do Joint Credit Cards Help Build Good Credit?
Joint credit cards can work both ways. Since the credit card account is placed on both holders' credit accounts, the activity on the card as a whole affects both parties equally. So, if the card is maintained properly, it can help improve credit. However, if one of the card holders abuses the card and ranks up thousands of dollars in debt, it can adversely affect the other holder's credit rating.
Can you improve your credit score by cosigning for someone who has perfect credit?
Yes you can, if approved it will show positive on both reports.
You had a car repo 8 yrs ago that your exhusband cosigned for and they just now are wanting the money is he equally responsible for what you owe on it or just you we divorced 2 years before your repo?
You are both equally responsible for the money owed on the car because it is on both of your credit reports; cosigning makes both people responsible for the payments.
Does cosigning a loan affect your credit the same as being the primary person on a loan?
Yes if you co-sign for a vehicle you are just as liable as the primary person so if they dont pay you have to pay or both your credits are hurt
Can you build your credit rating by co-signing on a loan with your spouse?
Yes - the loan, if reported, would be reported on both parties credit reports.
Cosigning on merchant account for someone with bad credit history?
I am not clear as to exactly what you are asking, but I can refer you to a couple of good resources for businesses whose owners have a bad credit history, but are seeking to get a merchant account. These are The Merchant Account Advisor and Merchant Account Exploer. Both have web pages devoted to the bad credit merchant account issue and list a number of processors who should be able to help.
If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
Do Joint Credit Cards Help Build Good Credit?
Joint credit cards can work both ways. Since the credit card account is placed on both holders' credit accounts, the activity on the card as a whole affects both parties equally. So, if the card is maintained properly, it can help improve credit. However, if one of the card holders abuses the card and ranks up thousands of dollars in debt, it can adversely affect the other holder's credit rating.
Do student loan payments help your credit score as much as a car loan would?
Yes. Both are installment loans and will build, or destroy, your credit score depending on how the debt is managed.
Is belonging to a credit union better than a bank?
Most people who have associated with both will tell you that the credit union is better. There are many benefits to having a membership with a credit union that a bank does not offer.
What are some mortgage companies for people with bad credit?
Some mortgage companies for people with bad credit are "GE Money" and "Precise Mortgages". The interest rate for both these companies varies from 4,24% to 4,84%.
Can two people have the same credit card number?
I have a credit card in my name, my wife used my individual credit card claiming that it is in the name of us both, which is not true, how can I prove to the court that what she says is not true?
Do joint credit card help both credit scores?
Yes but it will also hurt both credit scores if the payments are not on time.
