The cosigner evidently didn't have great credit either, since the loan didn't get approved. It will still reflect on the cosigners credit report that they applied for a loan. Multiple inquiries will reduce your credit score.
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
It takes at least six months to hit your credit report after purchasing a vehicle.
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
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.
As long as the debtor makes payments on time, this would not reflect negatively on your co-signers credit. Co-signing will show on their credit report as debt as a co-signer guarantees repayment of the loan if the debtor defaults.
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
Yes, as a cosigner you will be responsible for the debt, so it will reflect on your credit report.
This debt will appear on your credit report as a joint debt. It will bare just as much weight on your credit report as if it were in your name alone.
To get your free credit report log on to a website such as FreeCreditReport.com. Be alert, that if you request your credit report too often your credit will be affected, it's a Catch 22.