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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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โˆ™ 2005-10-03 11:12:39
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Q: 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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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.


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.


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.


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.


Does paying your car loan on time even with a cosigner help build your credit?

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


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.


What are the ways someone can improve his credit rating?

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.


How can someone purchase a vehicle asap with really bad credit no money down and no cosigner?

== ==


If you own your car and it's in your name but the loan is in someone else's name with you as the cosigner will that still help your credit?

Yes, it will still help your credit.


Will a cosigner's credit history appear on your credit report?

No


Can I apply for a car loan with a credit score of 593?

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.


If you get a cosigner when purchasing a car will it show up in your credit report or the cosigner's credit report?

It will appear on the CR of both parties.


Can a student get a student loan without a cosigner when they have bad credit and no job?

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


As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?

Nope.


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.


How do you get a student loan with bad credit and no cosigner if your Stafford loans don't cover everything?

SOMEONE THATS HAS A JOB.


Can a Cosigner have little or no Credit?

Yes.


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


Does the credit of the cosigner gets affected if car is not paid?

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


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.


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.


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.


Does a cosigner have to have a job?

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.


Does your credit still go up if you have a cosigner?

No


What credit cards will allow you to have a cosigner?

unsecured