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If a loan is paid late on several occasions but never defaulted on how will it affect the cosigner's credit?
Wiki User
∙ 17y ago
Late payments go on the credit report of both the primary borrower and the co-signer. It affects the score and also the opinion of those who read credit reports to make decisions regarding other loans, hiring, insurance costs and many other places that most of us don't think about. The best policy is to arrange to make the payments on time--every time. An easy way is to set up automatic debits to the credit company. (Be sure to link the account you are paying from to a savings account, so that you never get an NSF.) If the payment date is not working out to your income schedule, then see if you can change the date due. It is a real imposition to create problems for the person who was kind enough to co-sign for you.
Wiki User
∙ 17y ago
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How do defaulted homeowner loans affect bad credit?
Defaulted homeowner loans affect bad credit because it wont allow one to get a mortgage or another loan. Most banks and loan lending companies wont offer one a mortgage or a loan because one had taken defaulted homeowner loans.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
What can happen if you don't pay your credit cards in North Carolina?
The creditor can sue the account holder(s) to recover the debt. The defaulted account will be entered on the consumer's credit report and negatively affect the person's credit score. That type of negative entry will remain on the CR for 7 years.
When a defaulted secured loan is charged off and the property isn't repossessed but the account is turned over to an attorney do you still have to pay the loan?
Absolutely, a charge off does not affect the validity of a debt. The issue of the account being referred to a collections attorney or law firm may indicate that the creditor has decided to file a lawsuit or enter into arbitration action to recover the debt.
If your husband co-signed for a car loan for his daughter and she has been late on several payments can this affect your credit rating?
Hello, Jamison here, YUP!!!!!!!!!!!!!!! Her bad credit is your BAD credit!!!!11111
When your Father passed away how bad will a car repossession affect a cosigners credit?
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
If a person defaults on mortgage payments will this affect the cosigners on their student loan?
yes
How do defaulted homeowner loans affect bad credit?
Defaulted homeowner loans affect bad credit because it wont allow one to get a mortgage or another loan. Most banks and loan lending companies wont offer one a mortgage or a loan because one had taken defaulted homeowner loans.
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
Your husband defaulted on his vehicle loan How will it affect your credit report?
if you co-signed on the loan then your credit will be impacted negativly just as his
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If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
How do you change the title of a condo to remove cosigners after it has been paid fully?
You work with your attorney to affect the change in title that you want. Your attorney can guide you and advise you, so that you produce the documents required in order to change the title of ownership.
If a defaulted student loan is consolidated with repayment at 0 does this affect credit rating for non-payment?
No, if you receive an income sensitive repayment plan after consolidating and the payment is $0 because of your dependents and income, then it will not adversely affect your credit score.
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