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If you co-sign a loan for someone and she makes all the payments on time will her credit rating improve?
Wiki User
∙ 8y ago
Yes, it will improve her score, no matter who makes the payments on time, but you should be worried about what happens if SHE does not make the payments. The lender will expect YOU to make them.
Wiki User
∙ 8y ago
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If you cosign for a car does your credit rating improve?
Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.
If you cosign for a student loan does it show up on your credit report before or after the student starts making payments?
It shows on your credit report even before they start making payments.
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.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
If you cosign for a car does your credit rating improve?
Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.
How can you get a bank lown at 20 years old?
you need to get someone with good credit who trusts you and is willing to cosign for the loan, meaning they will cover the payments if you screw up.
If you cosign for a student loan does it show up on your credit report before or after the student starts making payments?
It shows on your credit report even before they start making payments.
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.
Rights of a co-signer on car if payments arent being made?
He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.
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.
Can someone on social security benefit's cosign for a loan?
Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
What credit score is needed to cosign for someone else?
Most business require atleast a 680-700 credit score to be a co-signer.
What are three tips that can help improve the credit score of someone with poor credit history?
The best three tips is to close out credit cards with a paid balance, make payments on time, and try not to have too many lines of credit reflect on the credit report.
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
