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How will debt negotiation affect a co-signer on a credit card?

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βˆ™ 2006-07-25 11:33:01

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A co-signer is equally responsible for any debt, so whatever negotiation si reached will bind the co-signer as well. Initially, the bad credit is reported only to the primary on the account, but if the co-signer cannot step in and make th payments, his credit history can also be affected. NEVER be a co-signer.

2006-07-25 11:33:01
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Q: How will debt negotiation affect a co-signer on a credit card?
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Related Questions

What does credit card negotiation mean?

Credit card negotiation is when you contact the bank and negotiate your credit card debt. This can mean negotiating a payment plan or just trying to get the overall debt reduced.


Do you need a cosigner to have your own credit card?

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


Is a cosigner on a credit card responsible after the primary dies?

Yes.


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.


I have bad credit and want to apply for a credit card I have a cosigner Where can I apply?

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


If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?

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


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.


How credit card affect the society?

when credit card is not good


What is a credit card affiliate and how will it affect someone applying for a credit card?

Credit card affiliates offer credit card customers exclusive deals and incentives for using a credit card. This does not affect an application as the enrollment in the program is voluntary.


Where can one find out more about credit card debt negotiation settlement?

One can find more information about credit card debt negotiation settlements in different consumer guides. BeginnersInvest offers an article named "How to Negotiate a Credit Card Debt Settlement". That article handles the topic more in depth.


What is credit card debt negotiation for?

Credit card debt negotiation can be used to dispute any unauthorized fees and charges. It can also be used to negotiate terms (such as interest fees, late payments) and lower one's assumed debt.


What credit card companies will allow you to apply with a co-signer?

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!


Can you apply for the same exact credit card you already have if the new credit card offer is better and how does doing this affect your credit?

Yes you can apply for exact credit card, it won't affect your credit at all.


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.


If you have filed bankruptcy can a cosigner help you get a credit card?

yes and so will $400 as 'security" deposit.


If you are an authorized user on your parents credit card and they claim bankruptcy how will that affect your credit?

It will not affect your credit at all. Their credit information was used to secure the card. You are in the clear.


How do you get a car loan without a cosigner?

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


Is a cosigner responsible to pay a credit card debt if the credit card limits are increased from what was originally cosigned?

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.


How much penalty can a credit card company charge?

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?


Will your credit history affect your application for a virgin money credit card?

Yes it will affect your chances for a virgin money credit card. This will happen becasue for any credit card that you are applying to you need a good enough credit score to qualify.


Can any adult cosign for a teen to get a credit card?

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


Does my corporate card affect my credit score?

Yes. Any credit card that you associate with yourself will effect your credit. if you do well with the card then you will improve your credit. it is best to always be careful when using any credit card.


Will having a credit card with a high limit affect your ability to get a loan?

if you obtain a credit card with a high limit it will not affect your credit as long as the card is in good standings .. however if the card is maxed out it could affect your credit score wich will intern stop you from getting a loan. although it may not stop you from getting your loan but it will affect your interst rates


Can business credit card debt affect my personal credit card balance?

A business credit card debt can affect someone's personal credit card rating. A credit report for an individual is processed by activity of one's overall credit. This means that having debt for a business credit card can hurt a person's chances of receiving lower interest for a home finance loan.


Can a 17-year-old get a credit card?

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.