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Partial owner of an asset
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∙ 11y ago
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Will a co-signor with good credit help improve a cosignee's credit score?
probably if they're a married couple
What is the lowest a cosignee's credit score can be?
Most lenders prefer a cosigner to have a credit score of at least 620. However, cosigners with a credit score of 720 or above is always preferred.
Can the spouse of a co-signer who is not involved in the loan sue the cosignee if the spouse enters into a new agreement with the co-signee to pay off the loan and the co-signee defaults?
How can they sue for non-payment if they are not part of the agreement? Why wouldn't the spouse sue?
How does a repo that is satisfied in full affect your credit score of 880 if you have no mortgage and everything else is current and never been late your cosignee got the car repoed?
probably not much. did you negotiate with the lender about NOT putting the repo on your CR before you PAID IN FULL???? it is entirely up to the lender what is put on your CR. One thing you might try is to dispute it with the credit reporting agency if you can't get anywhere with the lender.You may be able to get your side of it on your credit report.
Does a co-signer have any ability to get out of a loan?
The "way out" is to pay the money. That's what you promised the bank you would do. Bankers are very good at determining who is likely to default on a loan. That's why your friend needed a cosigner. Don't ever ever cosign a loan, even if it is your parents if you know they are not good with money. Not even for close friends. My husband has made the mistake of cosigning a close friend's loan 5 years ago. Now they are not close any more. This friend has been missing payments and paying less than the minimum payment. The loan amount has gone up a lot since it is a private loan with higher interest rate. The consigner loan has negative effects on my husband's credibility. We have tried all means but couldn't get his friend pay it off ASAP. Some people are just so bad with money. I am guess in 5 years, it will finally catch up with us. Then we will have to pay a huge lump sum of 35K for an loan of 15K originally. So don't trust anybody except yourself. Check the type of loan you cosigned. It is very difficult to get out of some private student loans. Not even if you declared bankrupcy. Or more unfortunately, if your cosignee went bankrupt, you would end up paying for it. The possible way out will be have the person take out another loan to pay off the one you cosigned. But only if the person's credit score has improved so much that now he is qualified for a loan.
Can Co-owner sell car without cosignee?
No, not if both of you are on the title.
Will a co-signor with good credit help improve a cosignee's credit score?
probably if they're a married couple
What is the lowest a cosignee's credit score can be?
Most lenders prefer a cosigner to have a credit score of at least 620. However, cosigners with a credit score of 720 or above is always preferred.
Can the spouse of a co-signer who is not involved in the loan sue the cosignee if the spouse enters into a new agreement with the co-signee to pay off the loan and the co-signee defaults?
How can they sue for non-payment if they are not part of the agreement? Why wouldn't the spouse sue?
What documents do you need in order to refinance your student loan and take your cosignee's name off of it?
It depends on the lender that is refinancing--but usually a pay stub or 2 to show you are working or letter showing you are still in school if you are not going to pay just yet. My son did almost everything by internet and fax until the set of papers were mailed to him for his signature.
How can co-signer transfer title to cosignee?
That depends on the type of property covered by the loan. A co-signer cannot transfer the obligation to pay the loan to the primary borrower. The co-signer has a contract with the lender that they will pay off the loan if the primary borrower fails to pay.If the property is a car the co-owner can sign over the certificate of title and the grantee can request a new certificate of title in their sole name.
When in the state of PA if one party cosigns for the vehicle and the cosignee divorces a daughter can the cosigner repo the car if there is suuficient proof that the ex-son in law has lost a job?
I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.
How does a repo that is satisfied in full affect your credit score of 880 if you have no mortgage and everything else is current and never been late your cosignee got the car repoed?
probably not much. did you negotiate with the lender about NOT putting the repo on your CR before you PAID IN FULL???? it is entirely up to the lender what is put on your CR. One thing you might try is to dispute it with the credit reporting agency if you can't get anywhere with the lender.You may be able to get your side of it on your credit report.
If you had an excellent FICO score in the 800s but were the primary borrower on a leased car that was repossessed because of the cosignee how badly will this hit your credit?
You can provide copies of cancelled checks when applying for future credit, and this may help you in obtaining future credit, but the fact remains, the repo is going to ding your credit quite severely. The reason being, you are the primary signer, and therefore the one held legally responsible for whatever happens with the account. You may attempt to contact the credit bureaus to try and explain this to them, and they will automatically place a dispute note on the account while they investigate, but chances are, they will come back and tell you there is nothing they can do. Your credit score will be affected rather severely as well. I have seen someone's fico drop from a 750 to a 620 due to a string of mortgage lates caused by the cosigner on the loan. It is amazing how quick the credit bureaus report the bad stuff, but good luck getting rid of it. I am sorry for your situation, and I wish I had better news, but unfortunately, that is the way it is. You may want to call the lender or lessor on the account, and ask if they will delete the account if it is paid, as there are some lenders which will do this. If they will, it would be worth it to pay the balance, get it off your credit report, and take the cosigner to court for reimbursement. Good luck.
Does a co-signer have any ability to get out of a loan?
The "way out" is to pay the money. That's what you promised the bank you would do. Bankers are very good at determining who is likely to default on a loan. That's why your friend needed a cosigner. Don't ever ever cosign a loan, even if it is your parents if you know they are not good with money. Not even for close friends. My husband has made the mistake of cosigning a close friend's loan 5 years ago. Now they are not close any more. This friend has been missing payments and paying less than the minimum payment. The loan amount has gone up a lot since it is a private loan with higher interest rate. The consigner loan has negative effects on my husband's credibility. We have tried all means but couldn't get his friend pay it off ASAP. Some people are just so bad with money. I am guess in 5 years, it will finally catch up with us. Then we will have to pay a huge lump sum of 35K for an loan of 15K originally. So don't trust anybody except yourself. Check the type of loan you cosigned. It is very difficult to get out of some private student loans. Not even if you declared bankrupcy. Or more unfortunately, if your cosignee went bankrupt, you would end up paying for it. The possible way out will be have the person take out another loan to pay off the one you cosigned. But only if the person's credit score has improved so much that now he is qualified for a loan.
How can you get student loan without cosigner?
I have had a lot of experience with private student loans that are non-certified (they do not have to go thru your school to get approved). Next Student has a bit more lenient credit guidelines than many other private student loan companies. You might also try Sallie Mae Tuition Answer Loan. Other loan companies that participate with "fair" credit are American General and Citifinancial. Good Luck!
