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If your grandfather cosigns on a loan for you will it affect his credit when he sells his house and buys another?
Wiki User
∙ 17y ago
That would entirely depend on how well you keep up the repayments... and if you failed the repayments, so long as he pays them, it will not harm his credit...indeed it may enhance it as it shows not only his ability, but willingness to pay off debt for which he signs. personally, i would NEVER put my own money in the hands of someone elses ability to pay... if you need a loan, and don't earn enough, so they want a co-signatory, then chances are grandpa will end up paying YOUR debt.. and there is nothing he can do, if you don't pay a penny, if he's signed up, unless he wants to lose his rating...maybe he feels the same way, and just doesn;'t want to tell you the truth about how he feels on the subject. It will show up on his credit bureau as co-signor and he would be responsible for repayment of this loan if you stop paying.
Wiki User
∙ 17y ago
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If your spouse co-signs for someone will it affect your credit too?
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
If someone cosigns a loan for you will it show up on their credit report?
yes
Will it reflect on my credit if my father cosigns on a loan with me?
Yes, it will report equally.
If someone with good credit cosigns for someone with bad credit will the cosigner's score decrease much?
That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck
If your spouse co-signs for someone will it affect your credit too?
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
Will it reflect on my credit if my father cosigns on a loan with me?
Yes, it will report equally.
If someone cosigns a loan for you will it show up on their credit report?
yes
Does a 17 year old's credit rating increase if he cosigns a credit card with a parent. Does it matter if he is primary or the cosigner?
From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.
If my mom cosigns with me on a loan will they only look at her credit and give me the interest rate based on her credit or will the look at my bad credit?
They will look at both but the good news is you will get a better rate if her credit is good than you would have if you'd signed on your own.
If someone with good credit cosigns for someone with bad credit will the cosigner's score decrease much?
That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck
Will closing your checking and saving accounts to open checking and savings accounts with another bank affect your credit rating?
No credit reports only report debt not assets. Checking and saving account information does not appear on credit reports so will not affect your credit score.
If a parent cosigns a loan that goes into default and the loan is paid in full what happens to the default status on the credit report can it be removed?
If in the US, then yes. The default will be replaced with paid in full. Simply send proof of the payment to the three credit bureaus.
Is someone cosigns for you does it help your credit or theirs if payments are made on time?
It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
Where can someone apply for a mortgage that has a bad credit history?
If one has a bad credit history, it is still possible to get a mortgage. If one cosigns for a loan with someone else, they have a better chance. One should also attempt to improve their credit. Wells Fargo, Quicken Loans, and many other places offer mortgages.
