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If you cosigned on a car loan and the other person filed chapter 13 but is paying on the loan how should it be reported on your credit?
Catcat31
Just keep in touch with the lending institution to make sure nothing negative rubs off on your credit. A good relationship with the lending institution will be quite helpful in the long run. Recognize that if the primary borrower files bankruptcy, some lending contracts can be called in requiring that the entire amount be paid in full. If that occurs, make sure you keep in touch with the lending institution and let them know that you'll either pay it off or refinance.
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∙ 17y ago
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What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
How do you get your name off a credit card that you cosigned for 2 years ago if you cannot find the person you cosigned for?
Contact the credit card company and explain your circumstances. Whatever the problem, you are 100% responsible for the debt that person has incurred. Cancel their credit card (should have been done immediately) and pay off their debt! If you are fortunate enough to have your own credit cards after all this and have a good credit rating and you are paying off this person's debt then your credit rating will not be altered in any way. DON'T COSIGN FOR ANYONE! Marcy
Is it possible to get a home equity loan while paying chapter 13?
No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.
Does credit score improve if you purchase a new car by financing instead of paying it all with cash?
Yes...If you get a car loan and make your payments on time this will help your credit score. If you pay in cash, nothing will be reported to the credit agencies.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
How do you get your name off a credit card that you cosigned for 2 years ago if you cannot find the person you cosigned for?
Contact the credit card company and explain your circumstances. Whatever the problem, you are 100% responsible for the debt that person has incurred. Cancel their credit card (should have been done immediately) and pay off their debt! If you are fortunate enough to have your own credit cards after all this and have a good credit rating and you are paying off this person's debt then your credit rating will not be altered in any way. DON'T COSIGN FOR ANYONE! Marcy
What can I do about a student loan I cosigned for and they not paying?
Sue them, you have already taken pitty on them, so if they dont show signs of paying ( take your warning) sue them
Is it possible to get a home equity loan while paying chapter 13?
No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.
Do credit scores effect cell phone plans?
If you are looking to get a cell phone plan, having poor credit may require the cell phone company to collect an upfront deposit from you. Not paying your cell phone bill on time will go on your credit report with unsatisfactory results. However, always paying your cell phone bill, and always paying it on time will not get reported to the credit bureaus; and thus will not positively affect your credit.
Will not paying for a timeshare give you a bad credit?
Yes. It is a debt and if defaulted on will most likely be reported to one if not all the major CRA's. Yes. It will affect your credit reputation. If you still have money on your bank account, it is possible that it can be collected through this. It can be reported to a credit agency as it is considered a debt. The effect on the owner is that he will have a bad reputation to lenders. Yes, it will give you a bad credit. If it will be reported to a credit reporting agency, you will have difficulty making a loan in the future.
Does credit score improve if you purchase a new car by financing instead of paying it all with cash?
Yes...If you get a car loan and make your payments on time this will help your credit score. If you pay in cash, nothing will be reported to the credit agencies.
Is it better on your credit to refile after a Chapter 13 dismissal or pay your bills yourself with your creditors?
You are always going to be better off by paying your bills.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
Why aren't utility bills reported to credit agencies if they are paid on time?
Utility companies are not credit grantors. You are not borrowing money to be paid back in a specific time period. You are paying for a service when you pay your utility bill.
Will paying off a car loan raise your credit score after a bankruptcy?
The bankruptcy will still be reported on your credit file for up to ten years however, it will denote that the car loan was paid off. So to answer the question wil it raise your credit score. The answer is no.
