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A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.

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โˆ™ 2015-07-16 18:18:39
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Q: If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?
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Related questions

Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


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.


If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.


How do you remove cosigner from private students loans?

Refinancing in your name, if you have credit, is one easy way to do this.


Is it possible to remove a secondary cosigner from a car loan?

Co-signing is all about CREDIT. If the buyers credit has improved enough or the buyer has paid enough on the loan to have EQUITY, the lender might remove the co-signor. Its up to the LENDER.


Can you refinance your car without a cosigner if your current loan has a cosigner?

if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner


Can you remove A CO signer name after six months?

No, one can not remove a cosigner from any contract after 6 months. The cosigner will have to stay on the contract until the contract is paid.


How can a primary buyer get the cosigner off the loan you wanted to cosign for your daughter but she didn't have enough credit so to build her credit you put her on as a cosigner how can you get her o?

The LENDER will have to remove any co-signor from the loan. Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it was her making the payments on time.


If you gat a car with a cosigner and your 17 at the time can you have the car put in your name and get credit for the payments being made when you turn 18?

The terms of the loan are between the bank, and you and your cosigner. To remove the cosigner, the bank would have to agree to pay off the loan and issue a new loan in your name only. Since the value of the car has probably decreased faster than you are paying down the loan, it is unlikely that there is any credit being generated.


How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?

The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.


How do you remove a cosigner from a credit card?

The way that can be accomplished is determined by the terms of the lending agreement. Very few, if any lending institutions would allow an account to be amended. The usual procedure is for the account to be closed leaving the original cosigner still responsible to the debt incurred up to the time of closure. The primary holder can then open another account on there own or with another cosigner.


Will the satisfaction of a judgment affect your credit score and does it completely come off your credit file or show as satisfied?

A judgment will reduce you credit score. It takes about 7 years for an item on your credit report to be removed. You have to make a request for it to be remove from your credit after you 7 year period.

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