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Answered 2004-10-21 10:59:08

Sell it! Otherwise the co-signer is going to have a repo on there credit file. I suggest putting a For Sale sign in it right now to keep from having a enemy if the car is repoed by the bank. I wish you the best!

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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

How do you get into credit card debt?

By using them & only making the minimum payments.

If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?

The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.

What do you do if you can not afford to continue making the car payments on the totaled car while making payments on the new car loan?

Sell the newer car and buy something cheaper. It's a bad idea to default on a loan and screw up your credit. Sounds like you overextended yourself financially!

What are the potential risks of making credit card payments online?

There are slight risks with making credit card payments online as your details could be stolen and then abused elsewhere. It is important to ensure that the correct precautions are taken.

How do you esablish credit?

Start off first by getting a Sears, Target, Circuit City or similar in-store credit card. After making purchases and payments on that for six months, you should become eligible for small limit credit cards. Keep making purchases and payments on all credit and shortly you will have established a ground credit. DO NOT GO OVER LIMITS, MISS PAYMENTS, OR INQUIRE INTO TOO MANY CREDIT ACCOUNTS.

How can personal responsibility affect your credit report?

Creditors will often take into account how responsible a person is in making payments on their loans and credit cards.Making payments on time, keeping your credit utilization low and establishing a solid payment history are some actions that can have a positive impact on your score.

What happens to my credit score after a loan modification?

My credit score is 606 at the moment,i just have my loan mod done and final. I'm making my payments ahead of time,How much my credit score can go up within a year of making payments on time. Thank you for your answer.

What happens if you loose your job after you buy a car?

You figure out a way to continue making the payments.

What are the consequences of not making car payments?

If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.

Can medical bills effect your credit while making payments on them?

Yes, this is only reported on your credit report if it is a collection account.

Why if I am paying monthly payments on medical bills are they on my credit report?

If the bills were overdue and you are making payments as the result of being 'dunned,' and the bills are not yet paid in full, it will reflect on your credit report.

Does making extra principal payments to your mortgage have any affect on your credit rating?

Yes, it will shorten the time in which the mortgage is on your credit report.

Can making car payments in the grace period every month hurt your credit?

No, it won't hurt your credit. In fact it will improve your score.

What is a responsible use of credit?

Buying something on credit and making many payments on the account over months gradually paying down the debt. If you are seeking to build credit, then don't pay it all off too quickly as that doesn't establish a history of making payments. It takes at least 6 months of payments to even affect your credit report. Also, don't only pay minumim payments. You want to establish that you can be trusted and will not strecth yourself too thin.

Can a debt be put on your credit report if you are making payment?

Yes, it'll be there until the payments are completed.

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.

What are the consequences if a person quits making payments and the car is in your name?

If your name is the borrower name and someone else is making payments and they suddenly stop; then the car will eventually get repoed and it will show on your credit report.

How can someone get a second mortgage loan if they have bad credit?

One can demonstrate that they are now handling money more responsibility. One could do this by making payments on time and start making payments in full.

What happens if cosigner stops making payments?

The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.

What makes my credit rating increase?

By making on or before time payment of your financial liabliliies.. like EMI's, credit card payments etc..

If you have credits and still do not have no credit how do you get credit?

Your question seems a bit vague, but if I am understanding you, If you have "No" Credit, and want to start building credit, then the best way is to start making some small purchases on your credit card and paying them off over time. Maybe three payments worth. However, you want to be sure that the merchant you are making payments to, actually reports to the credit bureaus. That's the key element here.

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