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If someone cosigns because of your bad credit will the lender make them be primary on the loan?
Wiki User
∙ 17y ago
The lender will put the responsibility to pay the loan if you have defaulted and they can't collect from you. In that case, the co-signer becomes the primary in a sense. A co-signer has the same legal obligation to pay the debt as you, which is why someone should put a great deal of thought into agreeing to co-sign for anything.
Wiki User
∙ 17y ago
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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.
Is someone cosigns for you does it help your credit or theirs if payments are made on time?
It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
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.
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
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.
Is someone cosigns for you does it help your credit or theirs if payments are made on time?
It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
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.
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.
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
Will it reflect on my credit if my father cosigns on a loan with me?
Yes, it will report equally.
Where can someone apply for a mortgage that has a bad credit history?
If one has a bad credit history, it is still possible to get a mortgage. If one cosigns for a loan with someone else, they have a better chance. One should also attempt to improve their credit. Wells Fargo, Quicken Loans, and many other places offer mortgages.
Can a 17-year-old get an auto loan if a parent or guardian cosigns?
It depends on what state you are in. Call the bank or credit union your family deals with. Ask a loan officer if they will allow you to sign as primary with your parents as co-signers. Good Luck.
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 you are an authorized user on someone else's major credit card and the account isn't paid does it affect your credit as well?
It negatively affects both the primary and the authorized user credit score and report.
Can a cosigner have bad credit?
Generally speaking no. Cosigners are needed for a purpose, and most often it is because the primary debtors has bad credit.
