Asked in Personal FinanceLoansCo-signingMoney Management
When cosigning do they check the cosigner's credit and use his income as well for repaying the loan?
Do you have to have any credit to cosign for an apartment lease?
Asked in Apartments and Home Rentals, Loans, Co-signing
Does cosigning for a vehicle lease obligate you to other debts the person has?
How much will cosigning a student loan lower your credit score?
Hi- Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign. The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high. Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
Will cosigning a loan effect your ability to get a loan?
Asked in Loans, Co-signing, Mortgages, Money Management
How does cosigning on a mortgage work?
Asked in Cars & Vehicles
What do you do if you cosigning car loan on your car?
Proof of Your Cosigner's Ability to Pay Your cosigner will probably be required to produce evidence of sufficient income and/or assets to cover the amount of the loan obligation, in the event you cannot pay. 2. Stability in Employment and Residence Although not quite as strict a requirement as the others, many banks really like to see stability, in terms of employment and residence, for your cosigner. When looking at cosigners, They favorably view cosigners that have lived at one address for five or more years and have worked at their present job for a relatively long period of time.
How do you get earned income credit?
Can you claim Earned Income Credit on unemployment?
What percent will your income increase if you accept credit cards?
Asked in Taxes and Tax Preparation, Income Taxes
Is earned income credit a tax credit?
Is earned income tax credit an itemized deduction?
What is the journal entry to close the income summary account when there was net income for the period involves?