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YES to checking CR. No, to using co-signors income. The debtor must be able to pay the loan.

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โˆ™ 2005-03-12 21:44:14
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Q: When cosigning do they check the cosigner's credit and use his income as well for repaying the loan?
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Related questions

Do you have to have any credit to cosign for an apartment lease?

Yes, that is the premise of having a cosigner. The person cosigning must have a reliable, acceptable level of income and a good credit history.


Does cosigning for a vehicle lease obligate you to other debts the person has?

No. It will become a part of your credit report and will have some effect on your debt to income ratio.


What does a cosigner have to to have?

A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.


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?

Yes, it will affect your debt to income ratio.


Is interest income normally credit or debit?

All income (or revenue) maintains a credit balance. Therefore Interest Income will maintain a credit balance and therefore is a credit.


What do you do if you cosigning car loan on your car?

Proof of Your Cosigner's Ability to PayYour 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 ResidenceAlthough 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.


Is the income from rent a credit or a debit?

Credit


How does cosigning on a mortgage work?

You assume responsibility for a loan for a house. It is not a recommended thing to do, because non payment can affect your credit rating. Also, the amount of the loan affects your debt to income ratio, so you may have a problem borrowing on your own behalf.


Get a 4000 loan with poor credit but good income?

I have a good income but poor credit.


Is net income a debit or credit?

does net income have a normal debit or credit balance

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