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Is it true you can improve your credit score dramatically by having someone with good credit add your name as a cosigner to one of their credit cards even if you never use it?

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2005-10-03 11:12:39
2005-10-03 11:12:39

YES, THIS IS TRUE! IF YOU HAVE NEVER ESTABLISHED CREDIT HISTORY AND YOU ARE IN NEED OF A LOAN YOUR BEST BET IS TO BECOME A CO-SIGNER ON SOMEONE ELSE'S CREDIT CARDS TO ESTABLISH CREDIT HISTORY.

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Related Questions


Yes. It will also improve the co-signer's credit too.

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.

If someone wanted to improve their credit rating there are a variety of places where someone can do so. Some of these ways are for the individual to check their credit files.

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.

no you do have to have a cosigner with good credit in order to get a student loan.

This is a very poor credit score. You can apply but it is unlikely you will get a loan without a cosigner. If you are able to get a loan without a cosigner your interest rate will be very high as compare to someone with a good credit score of over 700.

Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.

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

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.

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.

No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.

from what i know when you sign on a cosigner you hand your item to them so if you make good payments it builds their credit if you fail to make payments it hurts their credit but it is a good way to start.

When applying for a mortgage, one has the option of adding a cosigner. One needs to consider the advantages as well as disadvantages before deciding on a cosigner. Additional income might improve the chances of getting approved for the loan, however, other factors, such as lower credit score might have the opposit effect.

Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.

The only way to be removed from the obligation of cosigner is for the loan to be refinanced.

this is the main reason why people need someone to sign for them.(bad credit) the answer is yes

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

not if you make your payments like you should a cosigner is only called upon if you default on your loan

If you need a cosigner for the loan because of bad credit, it means you can't afford the car.

Yes you can, if approved it will show positive on both reports.

Yes, the owner as well as the co-signer will be affected when you lease a car, being it negative or positive it will have an impact on both credit reports.

Improve your credit score.


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