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What would you do if a friend or relative asked you to cosign a loan? Before you answer, make sure you understand what cosigning involves. Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner
Wiki User
∙ 18y ago
Wiki User
∙ 15y agoIn simple terms, if you cosign a loan agreement, you are guaranteeing to pay the loan if the person you are cosigning for defaults on the loan. Think long and hard before doing this. Ask yourself why does this person need a cosigner? If it is because they are young and have no credit history and you can trust them, then go ahead. Otherwise be prepared to pay this loan as you may very well have to in the end.
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How does cosigning for a car loan affect your credit?
No.
What do you need to co sign for a car in Florida?
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
What do you need to co-sign for a car in Florida?
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
How do you repair the damage on your credit report from cosigning a bad loan?
TIME!
Why does cosigning lower your credit score?
Because you have taken on the risk of a deadbeat.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
Is there another word or term for cosigning?
co- maker,buyer,borrower guarantor???
Does your bad credit rating affect your children if they want a loan?
only if your cosigning
How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
Is a non custodial parent responsible for cosigning when the custodial parent can't get an apartment on her own?
no
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
What are the risks of cosigning a lease?
The risk of cosigning on a lease is that the cosigner is responsible for the rent for the leased property even if the other signers do not pay the rent. The landlord can go after one or all of the cosigners on a lease to get rent paid if the lease is not paid for the full term.
