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If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Wiki User
∙ 18y ago
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
Wiki User
∙ 18y ago
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Does breaking a lease hurt cosigners credit?
That is why the cosigner is there. To back up the contract if you bail.
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!
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!
Does it help to have a co signer for an auto loan if you have bad credit?
If you have bed credit, sometimes having a cosigner is the only way you can get an auto loan. The people who lend you the money so you can purchase the car want their money back with interest. If you have bad credit, they may think you will not pay them back. They may think your cosigner does not want his credit ruined and will pay them back. So, while they would not give you an auto loan, they would give you an auto loan with a cosigner who has good credit.
Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
Does the cosigner that's name is 2nd actually count?
Yes, of course your cosingers signature means something. It means that there is no way for to have been approved for what you applied for without their good credit to back you. It also means ,God knows I hope your cosigner has some sense, that your cosigner is 100% responsible for any default of restitution on your part. The cosigner is essentally applying for the very same thing you are--for you--on your behalf almost. Be good to your friend, parent, whoever has helped you and repay your loan on time.Happy holidays.
When does the bank require a cosigner?
The banks want to know that they will get the money that they are owed back. Too many people today fail to pay back loans for a variety of reasons, both honest and dishonest. If you do not have an established, suitable credit history, a bank has no way of knowing if you are a good credit risk (reliable in paying your debts). By having a cosigner with the appropriately established credit history, if you fail to pay the loan, they can make the cosigner pay the loan. That is what the cosigner is singing for, to pay back the loan if you fail to do so. If you loaned money you would want to make sure you got money back, wouldn't you?
Should a co signer be told if something they signed for is getting repoed?
No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.
Can you remove yourself as a cosigner?
Not unless the the money is paid back by the borrower or if it's a lease, it's until they move. Usually when the principle person defaults on a loan or rent, they come after the cosigner. So, unless the person responsible for the moneys credit goes up so they don't need a cosigner, you are responsible if they default. Never, ever, cosign for anyone, especially family. The same goes for lending money too. If you're going to "lend" money out, you mind as well expect never getting it back. This is how so many relationships are ruined.
Do you have to have a credit card to have good credit?
No not necessarily. Your credit score is determined by your history of paying back accounts from lenders. While you don't need a credit card they tend to be how most people build credit. To get a good score without a card (assuming you're applying for a loan or some kind of financing) you'll need either a cosigner, someone who has credit and is willing to put it on the line for you and their credit becomes yours basically but they take most of the risk and penalties if you default. Another option is a loan which you pay back every month ON TIME in order to build a good score over time.
Do you need a credit card to have credit?
No you can build credit by taking out a loan and paying it back ON TIME. Or have someone cosign a loan for you in order to get approved for a card or loan but make sure the cosigner fully understands the agreement because they'll take on most of the risk.
What does braking someones back mean?
It means that you have broken a bone or a part in someones back.
