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If a co-signer has no credit, the person may not be able to obtain what they are wanting. This might be a car, or house, but if a co-signer is lacking something, the company may not allow the purchase.
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∙ 10y ago
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Can your credit be to bad for a co signer?
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
Will the lender check the co-signers credit?
Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.
If someone co-signs for another person does it show up on the co-signer's credit report?
Yes, the obligation will be reflected on the co-signer's credit. Lenders do not differentiate between a signer and a co-signer. Both are responsible for the repayment of the loan. If the signer stops making payments, the lender will look to the co-signer for full repayment of the obligation. Co-signer be aware!
How can a co signer with perfect credit help you get a mortgage loan when you have bad credit?
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
How can a co-signer with perfect credit help you get a mortgage loan when you have bad credit?
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
How will debt negotiation affect a co-signer on a credit card?
A co-signer is equally responsible for any debt, so whatever negotiation si reached will bind the co-signer as well. Initially, the bad credit is reported only to the primary on the account, but if the co-signer cannot step in and make th payments, his credit history can also be affected. NEVER be a co-signer.
What happens when a car payment go into default for the cosigner?
The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.
Does a co-buyer and co-signer have equal weight as far as credit?
Both the co-buyer and the co-signer get equal credit. Regardless of who is on top of loan. Also hurts equally if not paid.
Can you have a co signer with good credit co sign for a car loan if you have bad credit?
yes
Can I get a mortgage as the primary borrower and have my husband as a co-signer even if he has a recent short sale on his credit record?
A co-signer with a poor credit history will not be acceptable to the lender since the purpose of a co-signer is to guarantee repayment of the loan.
Does the co-signer for your auto loan have to live with you?
No. For the best results credit-wise, the co-signer of your loan should have a great credit record, however, they do not have to live with you.
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.
