Not really. When you co-sign you agree to pay the primary borrower's debt if they fail to pay. That debt would be counted as your debt if you applied for credit for yourself. In fact, if the primary borrower falls behind on their payments or fails to pay the debt that you co-signed for, it could ruin your own credit rating unless you make those payments on time.
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
If they are credit worthy, it may help you get into an apartment.
yes
Its very unlikely.
Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.Anyone with good credit, who is willing to put their good credit on the line for you, and willing to guarantee that your loan will be paid even if they have to pay it, can co-sign a loan.
Co-signers and CreditA co-signer really doesn't help you build credit, because the loans are actually based on the credit of the co-signer and not you. Type this in Google..........How can I rebuild my credit? for information
Yes. If you co-sign on a auto loan, payments that are made on time being reported to the credit bureas are considered positive and it also reflects a positive impact on your credit rating.
Yes, depends on the co-signers credit.
Do what you agreed to do. Pay the lender.
It is not likely that the lender will accept that parent as a co-signer.
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.