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When cosigning do they check the cosigner's credit and use his income as well for repaying the loan?
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Answered 2005-03-12 21:44:14
YES to checking CR. No, to using co-signors income. The debtor must be able to pay the loan.
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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.
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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.
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.
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a credit agency garnished my income tax,is the the child tax credit exempt from the garnishment?
What is the journal of Dividend Income?
If dividend income received: Debit Cash / bank Credit Dividend income If dividend income receivable: Debit Dividend income receivable Credit Dividend income
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You get the earned income credit if you are 25 years of age, your income is under $52,000.00 and you are not claimed as a dependent on another persons income tax return. You may also get the earned income credit based on qualifying dependents.
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If you had miscellaneous income from working for an individual and received a 1099misc form would this income qualify for the earned income credit??
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No, you are not entitled to claim the earned income credit on unemployment. You must have earned income. Unemploymnet is considered unearned income
Is earned income credit a tax credit?
The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families. Basically, rather than withholding the tax, the money is available with your paycheck.
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EIC is a refundable credit.
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No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.
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Revenue is income or a credit.
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You debit the income summary (which has a credit balance due to a positive net income) for the same amount that is on the credit side to close it out, and you credit retained earnings for the same amount.
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