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The credit score could indicate that the person is responsible in their financial dealings. Unfortunately the salary amount would not be favorable. Many lenders will, however, look at the overall financial picture of the cosigner; for example the person's debt to income ratio, potential for increased future income, etc.

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โˆ™ 2006-03-19 16:25:20
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Q: If you need a cosigner for a loan and you have someone with a credit score of 700 who will cosign but they only made 12k last year will they be approved?
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Related questions

If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?

Yes.


Do you need a credit card to have credit?

No you can build credit by taking out a loan and paying it back ON TIME. Or have someone cosign a loan for you in order to get approved for a card or loan but make sure the cosigner fully understands the agreement because they'll take on most of the risk.


If you have bad credit will you get approved for a car loan with a cosigner?

Yes.


Can any adult cosign for a teen to get a credit card?

Yes, but if you don't pay the bill the cosigner will be held responsible


What if the cosigner has two car loans and a mortgage can they still cosign?

They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.


When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?

The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.


Do you have to have any credit to cosign for an apartment lease?

Yes, that is the premise of having a cosigner. The person cosigning must have a reliable, acceptable level of income and a good credit history.


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.


Can a credit provider report a guarantor to credit reporting agencies based on the defaults committed by the principal?

If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.


Does a cosigner have to have a good credit rating to cosign?

Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by 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.


Can a bankrupt person cosign a loan I have a good credit score but not enough income. My father makes over 100k a year but got over his head with credit cards. Is he still able to cosign my loan?

Anyone the lender accepts can be a cosigner...that is entirely the lenders choice. However, they naturally want someone more qualified, having a higher credit score, than the primary. Your father likely does not.


When you cosign for a vehicle will it be on your credit report and therefore effect the cosigner when they attempt to make a major purchase in the future?

Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.


Can a person with bad credit cosign for a car loan?

I don't think so. The reason for a cosign is because the person buying the car has bad credit and the cosigner is a guarantee to the bank the loan will be paid. Two bad credit reports doesn't equal one good one. Since you have credit problems I wouldn't sign because that will add to your debt ratio to income and actually harm your credit.


Does having a cosigner help your credit?

Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.


If you can't get a loan and ask someone to cosign can the dealer still say no even if the cosigner has really good credit?

A lender can say no for any reason at all. Usually, though, if you can establish employment and have a good co-signer, a lender will agree.


Can an 18 year old be a cosigner for an adult?

Yes, an 18 year old can be a cosigner for an adult. At the age of 18, the individual themselves is considered an adult. Any adult, depending on whether or not their credit is good or bad, can cosign for another adult.


Is co-signer's credit affected if loan is not approved?

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.


If you were to cosign for a rental agreement how will your credit be affected and how does one get removed as cosigner?

The way it may impact on the credit report depends on if the person pays the rent as agreed. It will also play a part in the cosigner's DTI. Usually the only way of being removed as a cosigner is if the agreement is reaffirmed by the primary holder and the lender. In the instance of rental agreements, a cosigner can sometimes be relieved of obligation if there is a breach of contract. For example, if the person moves someone not on the original rental contract into the apartment.


If you already have a car loan out can you cosign for a friends car loan?

Yes you can be a cosigner if your credit is approved by the lender. Also, you should be certain you can afford to make the car payments in case the primary borrower fails to pay. You will be held equally responsible for paying the loan. In most cases where someone needs a co-signer, their credit is not up to speed, and the risk that they will not pay is passed to you. Think twice about getting entangled in their financial situation.


If we have bad credit will a cosigner help us get a mortgage?

Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.


What credit card companies will allow you to apply with a co-signer?

If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!


Can someone with no credit cosign for someone?

A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.


Can someone on social security benefit's cosign for a loan?

Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.


Can someone with bad credit co-sign with someone with good credit and get a card using the other person's good credit?

You've got that stated backward. The person with bad credit who needs a credit card would be the borrower. He has to find someone with good credit to be the cosigner. And the cosigner has to really trust the borrower because he is going to be responsible for repaying the card if (when) the borrower doesn't.