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If a parent cosigns a loan that goes into default and the loan is paid in full what happens to the default status on the credit report can it be removed?
Wiki User
∙ 14y ago
If in the US, then yes. The default will be replaced with paid in full. Simply send proof of the payment to the three credit bureaus.
Wiki User
∙ 14y ago
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Will it reflect on my credit if my father cosigns on a loan with me?
Yes, it will report equally.
If someone cosigns a loan for you will it show up on their credit report?
yes
If your spouse co-signs for someone will it affect your credit too?
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
What happens if i default into pay my credit card bill?
This could damage your credit score. It will be harder for you to get credit cards or loans in the future.
If you are a cosigner for someone and they default on the payments and the cosigner pays the debt off can you have the past due amount removed from your credit report?
No, you signed, you are equally responsible for the payments, you are also equally responsible for what happens with regard to default. This is why the lender permitted you to sign as a co-securer of the original loan.
Does a 17 year old's credit rating increase if he cosigns a credit card with a parent. Does it matter if he is primary or the cosigner?
From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
What happens when you are in a nursing home and can longer pay your credit cards?
You will default on your credit card accounts. Being an unsecured loan, there is little a credit card company can do. That is a risk credit card companies take. Regardless of why you can't pay, non-payment will result in default. The extent to which a credit card company will attempt to collect depends on whether or not they feel you have sufficient income.
If my mom cosigns with me on a loan will they only look at her credit and give me the interest rate based on her credit or will the look at my bad credit?
They will look at both but the good news is you will get a better rate if her credit is good than you would have if you'd signed on your own.
If someone with good credit cosigns for someone with bad credit will the cosigner's score decrease much?
That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
