Accepting Credit Cards
Credit and Debit Cards
Co-signing
Credit

How do you remove a cosigner from a credit card?

293031

Top Answer
User Avatar
Wiki User
Answered
2006-06-13 14:45:29
2006-06-13 14:45:29

The way that can be accomplished is determined by the terms of the lending agreement. Very few, if any lending institutions would allow an account to be amended. The usual procedure is for the account to be closed leaving the original cosigner still responsible to the debt incurred up to the time of closure. The primary holder can then open another account on there own or with another cosigner.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions


No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.

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

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.

There are many types of credit cards as per your requirements.

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.

Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.

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.

A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.

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.

If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!

Refinancing in your name, if you have credit, is one easy way to do this.

start building your credit, get a department store credit card, like a target card, buy stuff then pay it off the next day.

The creditor would likely claim the cosigner is still responsible, but unless it is in the original agreement that such increases are part of the contract the cosigner could make a case for being relieved of the responsibility or only being responsible for the origninally quoted amount.

When a person doesn't pay a credit card bill does the cosigner have to pay the bill and all the interest? How much interest penalty can the credit card company charge per federal law?

How do I remove false chages from my debit card?

Yes, but if you don't pay the bill the cosigner will be held responsible

Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.

At 17 you can have a credit card, although since they are still under 18 they are unable to legally hold the card on their own; they would need to be either cosigner or an authorized user on an adult's (i.e. 18 yrs or older) credit card.

Generally no; you cannot get your own credit card until you are age 18. A card can be issued in your name from another adult cosigner, but a legal minor cannot sign a binding contract to repay the loan.

no you do have to have a cosigner with good credit in order to get a student loan.

The company. The liability is one of the many the BK will resolve. Of course, if there was a cosigner or such on the credit line, they are involved too.

No. You must be 18 to have a credit card. The new legislation also states that any card applicant younger than 21 must either have a cosigner who can prove ability to pay, or prove their own ability.

From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.