Unless he's creditworthy enough to get a loan, he probably won't be able to get one on his own, unless his credit is so so and the loan amount isn't that much, but remember a bank won't refi anything that's less than about 7,500 bucks.
Your biggest concern here should be that he's already been paying late, the bank is probably going to be reluctant to switch it out of your name now, especially if he's less creditworty than yourself and the loan is starting to default.
-Hope that helped a bit
The difference between credit score and credit rating is simple Credit score (or credit history) is the history of paying back debt where as credit rating the the reputation for paying back money owing
How long does it take for credit score to go up in rating after paying off debt?
yes
Yes, payment history accounts for 35% of your credit score. So paying your bills on time will help you maintain a good credit rating.
For the more expensive cars you will need a good credit rating,you credit rating is a way of letting the lender know how much he or she can lend you with the probability of you paying it back.
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
The difference between credit score and credit rating is simple Credit score (or credit history) is the history of paying back debt where as credit rating the the reputation for paying back money owing
How long does it take for credit score to go up in rating after paying off debt?
yes
Yes, payment history accounts for 35% of your credit score. So paying your bills on time will help you maintain a good credit rating.
No, not unless you pay the full required payments without default, which is the same as paying for the card normally. Once you default on a payment your credit rating starts to drop.
A late payment on your credit card bills can gradually ruin your credit card rating if you continue on failing to meet the bills for consecutive months. The penalties will be carried on month after month, thus ruining your score.
For the more expensive cars you will need a good credit rating,you credit rating is a way of letting the lender know how much he or she can lend you with the probability of you paying it back.
The best way to improve one's credit rating is to pay all of one's bills on time. This is the biggest factor in determining a credit score. Paying off loans, such as mortgages and car loans, can also help one's credit rating.
Credit scores are calculated primarily on "Credit". After closing a card............do you have "credit"? No. You HAD credit......now you don't. It certainly won't help your scores.
Paying bills as late as possible without damaging the firm's credit rating.
A person's credit rating can be improved by paying off old bad debts or unpaid bills that may be affecting your credit rating. Some companies will give people with poor credit a credit card to clear all old debts and consolidate their debts into one payment.