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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.
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∙ 13y ago
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If the cosighner stops making payments on car loan but has the car and wont return it?
both owner cosigners credit will be affected both owner cosigners credit will be affected
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.
When getting a loan with a cosigner does the credit check go off of the cosigners credit or the borrowers credit?
The credit of the primary borrower(s) and the cosigner(s) are equally affected (positively or negatively) and both are subject to the credit history check and evaluation.
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
Can a cosigners credit get the car repossessed?
As long as the loan for the unit is paid each month, the collateral will never be repo'd.
Does credit count for a 203b loan?
Yes, a good credit score (credit history) is required to be approved for an FHA 203(b) loan.
If you have bad credit will you get approved for a car loan with a cosigner?
Yes.
Can you be approved for a quick loan within an hour?
Depending on where one applies for a loan, one can be approved for a quick loan within an hour. Credit checks can be done within minutes often and if you have a good credit score.
Can a bad credit rating for a primary borrower improve once a balance has successfully been paid off even when there are cosigners involved?
It will not improve as much as it would with no cosignor but some. A "bad credit rating" would not be impacted by an account being co-signed, or paid off. Your credit is affected by having an inquiry to open the loan, having a new loan granted, making payments on time (or not, as the case may be). If the loan was paid on time, as agreed, your credit will improve. If it was not, the credit of all signatories will be damaged.
Can you get a car loan with a credit score of 616?
you can get approved with any credit score. they will just get you with the interest.
Where can I find a student loan because all my potential cosigners have bad credit?
Find a co-signer with good credit. The whole point of having a co-signer is that their credit history is good enough to cover whatever gaps you have (no credit, poor credit, etc.) No one will grant a loan with a bad co-signer.
How fast can your credit go up once you get approved for a car loan?
Your credit does not go up when you are approved for a car loan. Your credit goes up when you make the payments on time. Get a years worth of on-time payments undr your belt, and your credit will go up.
