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If you have bad credit does having a cosigner with good credit on the loan lower your interest rate?
Wiki User
∙ 8y ago
No. You are considered the primary debtor and therefore the interest rate would depend on your credit history.
Wiki User
∙ 8y ago
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Does having a cosigner lower the interest rate?
The cosigner can be held responsible for the loan if the original signer does not repay. Thus, the creditor has another means of access to the money, similar to collateral, and thus the presence of a cosigner lowers the interest rate.
How do people acquire building loans at lower interest rates?
People can get loans to purchase buildings with lower interest rates by shopping around for a good bank. You can also get lower interest rates by having good credit.
Where do you go to get a loan when you have a repossession on your credit report?
Having a good credit report means it will be easier for you to get loans and lower interest rates. Lower interest rates usually translate into smaller monthly payments. I can provide you loan, but what type of loan you want. Reply with you location that where you live.
What are the benefits of having good credit?
The benefits are many. Lower interest rates with a home loan, auto loans, credit cards, etc.. Huge savings, and the ability to have options.
What are the ramifications of a poor credit score?
Having a poor credit score impacts one's ability to get a credit card and even a mortgage. If one is still able to get a credit card, the interest rate is likely to be higher and the credit limit lower.
What company has the lowest interest credit cards?
Interest fees vary depending on the credit card company. Most companies apply interest based on your credit score and credit history. To obtain a lower interest rate, increase your monthly payments or make payments more frequently. The more payments you make the lower your interest will be.
Why does closed-end credit have a better interest rate than open-ended credit?
Generally, closed-end credit has a better interest rate than that of open-ended credit because closed-end credit is less risky insomuch as there is a limit on how much credit may be utilized (whereas there is no limit for open-ended credit). Because lenders look at the risk-reward aspects of the product portfolio, a lower-risk product warrants a lower interest rate than one having higher risk.
Where can I apply for the lowest interest credit cards?
The lowest interest rates on a credit card are made when the person has a good credit rating. The higher the limit, the lower the interest rate also.
For a person of average credit would American Express have a lower interest rate than other credit cards?
Yes, they will have a lower interest rate for someone of average credit. Most cards have around 2.5% interest while American Express has 1.9%.
How would you go about converting over from a high interest credit card to low interest credit cards?
First you should run a check of your credit score to see if you qualify for a lower interest rate. If your credit is in good shape many companies are willing to let you put existing debts on a new card with a lower interest rate.
If you have fair credit should you apply for a loan on your own or with a cosigner who has bad credit but more income and assets to get a lower rate?
I would try to get the loan on my own and build MY credit up. Its a personal choice.
If you were to negotiate a lower interest rate on your credit cards would that affect your credit?
it can be possible because it depends on your credit.
