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It shows on your credit report even before they start making payments.

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โˆ™ 2012-06-10 03:20:13
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Q: If you cosign for a student loan does it show up on your credit report before or after the student starts making payments?
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Related questions

Can you co-sign student loans for two children?

Yes, it is possible to cosign for student loans for two children. To cosign, one will have to meet the credit requirements.


Can a spouse with good credit cosign a student loan for their spouse with bad credit?

That is decided by the LENDER.


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.


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.


What effect does a student loan have on a cosigner and the cosigners credit?

When you cosign on a loan, you are liable for payment of that loan if the other person does not make payments. Any late payments and other negatives will be reflected on your credit report. The debt will be included in your debt-to-income ratio. If the person makes all payments on time, it could actually help your credit score. Usually, it's the other way around, though. Bottom line: as a cosigner, you are treated as a signer.


Can you get a student loan without a co-signer if you have bad credit?

Yes, there are a number of student loan options for those who can't get anyone to cosign and those who have bad credit. One option is a federal loan.


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.


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.


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 will a deferred payment look on your credit?

If it is a student loan, there will be a statement on the credit report. It will also show the date that payments were deferred.


Can your dad cosign for auto loan?

Yes, if he's willing and his credit will support it. But don't let Dad down . It's a one-time thing if you default on the payments.


Get a student loan without a co-signer or steady income?

Yes, there are a number of student loan options for those who can't get anyone to cosign and those who have bad credit. One option is a federal loan.


Can you co sign a student loan with bad credit?

In the USA, if the student loan is Federal like a Stafford or Perkins loan, then yes you can cosign with bad credit. If the student loan is a private student loan, then no, you must have good credit. Keep in mind, you should never take out private student loans out until you have used up Federal loans, grants, and scholarships. Private student loans have high interest rates and no benefits.


If you're currently unemployed and your fiance wants to cosign and make the payments on a used car but he lost his license due to a DWI can he still cosign for you?

Whether he lost his licence doesn't matter. What matters is that he is making money and is able to pay if you default on the loan. It also helps if he has good credit.


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.


How much will cosigning a student loan lower your credit score?

Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.


Can student credit cards be used to repay loans?

Whether or not a you can repay loans with a credit card depnds on the policies of you debtors. You can pay some student loans with a credit card, if you are in default. However private lenders are under no obligation to accept credit card payments.


Does every student loan you cosign for show up on your credit report?

If the creditor chooses to report the loan, then yes, the account will show on your credit report. A co-signer is 100% liable for the balance of the loan, whether reported or not.


What happens to your credit if you cosign for a family member as a favor and they fail to make timely payments on it?

You will have the same BAD results as if you had co-signed for a total stranger. Anytime a loan is not paid,not paid on time or defaulted on, the credit results are BAD for anyone signatory to the loan.


How many missed mortgage payments before it is placed on your credit report?

One.


Can you have a person with new credit cosign your loan?

It's up to the lender.


Can you cosign if you are unemployed?

That is not likely because you wouldn't be a good credit risk.


Where can one apply for a student credit card?

One can apply for a student credit card when one is legally considered an adult. In the United States, that is eighteen years old. Prior to that, teenagers may use credit cards if their parents are responsible for the purchases and payments on the card.


If you cosign a student loan does it go against your credit?

It will be listed on the person's credit report. How it affects the report depends upon the amount co-signed for, the co-signer's personal debt-income-credit ratio, and if the primary borrower honors all the terms of the agreement, and other factors.


I am going to get a loan for a new truck. My father is going to cosign for me. Since he is the cosigner is it legal for him to take the truck from me if he wishes?

Yes, because if you do not make the payments, the missed payments affect his credit report. If you want to own a truck, then buy one using your own cash or credit ability. If you are still a minor, then he has the right and responsibility to help you manage your life so that your are safe.