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If you cosign on a car and the other person files chapter 13 and is paying on the loan does the company have the right by law to ruin the cosigner's credit?
Wiki User
∙ 17y ago
Each states bankruptcy Laws are different. But in most cases if you co-sign and the loans does not get paid your credit can go down the tubes also.
Wiki User
∙ 17y ago
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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.
Which credit cards let you have cosigners?
i have no idea
What happens if you cosign a car loan and the other party then files bankruptcy but secures the loan and will it be on the cosigners credit report or effect it?
The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)
Does breaking a lease hurt cosigners credit?
That is why the cosigner is there. To back up the contract if you bail.
Can you have a person with new credit cosign your loan?
It's up to the lender.
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.
When your Father passed away how bad will a car repossession affect a cosigners credit?
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
Which credit cards let you have cosigners?
i have no idea
If the cosighner stops making payments on car loan but has the car and wont return it?
both owner cosigners credit will be affected both owner cosigners credit will be affected
What happens if you cosign a car loan and the other party then files bankruptcy but secures the loan and will it be on the cosigners credit report or effect it?
The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)
Does breaking a lease hurt cosigners credit?
That is why the cosigner is there. To back up the contract if you bail.
Can a spouse with good credit cosign a student loan for their spouse with bad credit?
That is decided by the LENDER.
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.
Can you have a person with new credit cosign your loan?
It's up to the lender.
Can you cosign on more than one car?
Probably not. Unless you have exceptional credit.
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.
What is the lowest a cosignee's credit score can be?
Most lenders prefer a cosigner to have a credit score of at least 620. However, cosigners with a credit score of 720 or above is always preferred.
