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When cosigning for someone does the bank notify you on the borrowers credit affairs?
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Answered 2008-08-04 11:47:12
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Can you improve your credit score by cosigning for someone who has perfect credit?
Yes you can, if approved it will show positive on both reports.
How can someone be released from cosigning a mortgage loan without ruining their credit?
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
Can you improve your credit score by cosigning for someone who has little or no credit?
No, such activity only lowers your credit rating. It goes against your total indebtedness. Plus, if they default it can kill your credit rating and take years to remedy. Mark
Why does cosigning lower your credit score?
Because you have taken on the risk of a deadbeat.
How does cosigning for an apartment effect me?
If you are signing for someone and they pay late it goes on your credit report as a late pay. Also if the person can not pay the rent you are liable to.
Does your bad credit rating affect your children if they want a loan?
only if your cosigning
What do you need to co-sign for a car in Florida?
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
Can someone on social security benefit's cosign for a loan?
Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.
Would they check the applicant of outstanding credit Cosigning credit card for applicant with bad credit?
Yes. Only in this manner can they ascertain that the cosigner is credit worthy as claimed. Everything must be verified beyond any shadow of a doubt. The cosigner needs to be well aware of the circumstances should the one they are signing for default on what is owed. If someone racks up $40,000 in credit, then doesn't pay, the cosigner is then FULLY responsible for the entire balance due, which could totally ruin their own credit rating. Just be very careful about what you are cosigning for and read ALL the fine print.
If you have taken out a loan with someone cosigning and end up being late on payments and the cosigner having to pick up the tab will this hurt your credit rating?
VERY much so, not to mention your relationship with the co-signor.
How can one apply for loans with an adverse credit?
Getting a loan with adverse credit can be difficult. Often borrowers with poor credit have higher interest rates and have to pay more throughout the life of the loan than borrowers with good credit. Visiting credit unions and using collateral are a few ways the borrower with adverse credit may find to get a loan.
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.
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.
Would cosigning for your son's apartment rental agreement be viewed the same as cosigning for an actual loan when applying for future credit assuming all payments are made on time?
Co-signing means that you accept 100% financial liability for the contract in question. The manner in which the contract is adhered too has equal impact on your credit.
If you add your husband to your Capital One credit card will it improve his credit score?
Not only will it not improve his credit score, it could lower yours. When a lender looks at a borrowers probability of repaying a loan they look at BOTH borrowers. If one has a credit score of, lets say, 680 and the other has a score of 500, the lender will be less likely to give the loan then if the 680 borrows the money individually. If the lender does give the loan (or credit card) it will be at a higher interest rate using both borrowers than for the 680 borrower alone.
Why memory credit on Ron Bunt Covert Affairs?
He was a carpenter who worked on the set of Covert Affairs. He passed away, and that's why there was a memory credit about him.
Is a person with higher credit considered the primary borrower even if they are cosigning?
Usually no--the lender goes by the lowest credit rather then the higher. So----if you are applying and your credit is better and you can apply alone--DO IT! Then work on the other person's credit to improve it for the next time.
What are the pros and cons for cosigning a home loan?
There are no pros, except for making the person you are cosigning for happy. CONS--SEVERAL, whoever you cosign for does not have to make payment and still get to keep the house, you pay they stay for free. your credit is scarred if they do not pay and it goes into forclosure, you have to make up all payments or come up with the total loan, You really need to think long and hard before co signing! There are so many programs to help people with bad credit, no credit. They can help them, do not co sign. Talk with an attorney before cosigning, no matter who it is for.
Does cosigning a loan go on your credit report if the loan is in good standing?
Your cosigner's credit report should also reflect the loan. In this case, it should show as paid on time as agreed.
How long does it take to receive a personal loan from summit federal credit union?
Depemds on underwritting and how clean the borrowers credit is usually 2_3weeks.
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