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How does a credit card account settled for less than the full amount effect a cosigner?
Wiki User
∙ 8y ago
A settled credit card account affects the co-signer in the same manner as the primary card holder. Settlement is payment for less than the full balance on a defaulted debt. Defaulted debts ruin your credit record. The co-signer is liable for the debt and the record of its' activity shows on that persons' credit for the full reporting time period.
Wiki User
∙ 8y ago
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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.
What does settled mean on your credit report?
A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
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 do you remove a cosigner from a credit card?
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.
Would settling an active credit card account for less than the full amount affect a cosigner?
Yes. Any transactions good or bad are reported on the cosigner's CR.
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.
What does settled mean on your credit report?
A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.
How is date of last activity defined for a settled credit card debt?
The date of last activity for a settled credit card debt is the date that the settlement check cleared your financial institution and was posted to that credit card account. As the account was settled, there would be no more activity on that account. I hope that you have a letter from the agency offering the settlement. Without a letter stating the amount of the settlement, you may have just made a big payment on the debt and someone else will be hounding you for the balance.
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
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.
If you apply for an auto loan and have a cosigner will that decrease the amount of positive credit you get from having that loan?
Nope
How do you remove a cosigner from a credit card?
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.
Will a cosigner's credit history appear on your credit report?
No
After a credit account is settled can the credit company still bill you?
If your account has been "settled", then by definition, you do not owe them anything, therefore there is nothing for them to bill you for. If they keep sending you a monthly "bill" so to speak, it is probably merely a statement (this is an indication that even though you have paid them off, your account is still "open"...i.e., you are free to continue using the credit card if you want to), and it should indicate "0" in the box labeled "amount owed" or "payment due". If this is not the case, call your credit card company at the customer service phone number on the back of the credit card, and they will help you figure out what is wrong, or close the account if that is what you want to do.
How long does a repossed vehicle stay on your credit report?
7 years after the account is settled.
If you get a cosigner when purchasing a car will it show up in your credit report or the cosigner's credit report?
It will appear on the CR of both parties.
