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Q: When cosigning for someone does the bank notify you on the borrowers credit affairs?
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Related questions

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 does cosigning for a car loan affect your credit?

No.


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


How do you repair the damage on your credit report from cosigning a bad loan?

TIME!


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.


What does a credit for a bank do?

It is an agreement between banks and borrowers where banks make loans to borrowers. By extending credit, a bank essentially trusts borrowers to repay the principal balance as well as interest at a later date.


Does your credit score drop after cosigning on a loan due to the amount of the loan?

Yes.


Does your bad credit rating affect your children if they want a loan?

only if your cosigning


Will lenders allow someone to remortgage their home if the credit is bad?

There are lenders who specifically lend to borrowers with blemished credit but the homeowner will typically pay higher interest rates and fees. Borrowers should attempt to improve their credit before trying to refinance by lowering debt and clearing up any inaccuracies that may appear on their credit report.


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.

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