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Will cosigning a loan effect your ability to get a loan?


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Answered 2008-05-27 09:44:03

Yes, it will affect your debt to income ratio.

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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.


Would cosigning a car loan hurt you for a mortgage?

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.


Can you cosign for a auto loan in Pennsylvania without ever having a drivers license?

Cosigning on a loan has nothing to do with having a drivers lincense. You are just agreeing to pay the loan if the primary person does not. You are not driving the car. The only thing a lender is interested in is your ability to pay the loan.



Does divorce disqualify one from eligibility to cosign a loan?

It depends on what kind of loan. Generally, the answer is no, it does not, but the divorce may have an adverse effect on the separate credit scores, and it would be the lowering of the credit score that might make one ineligible for 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.


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 a new business owner cosign for a loan in his business name and what effect will it have if the borrower defaults on the loan?

Cosigning for a loan is dangerous to do. A true business loan should be under a business name itself, a personal guantee may be required in some situations. To build business credit search for a mentoring service online.


Does cosigning mortgage papers and not loan papers constitute ownership?

The title to the property is what defines ownership. The person cosigning a loan has no rights to the property unless their name is also on the General Warranty Deed/title.


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.


What does it mean to cosign on a savings account?

It's like cosigning a loan. It puts you at partial responsibility for the account.


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.


Will I be able to get a student loan if you cosign on someone elses for about 50000?

The loan you cosign is going to count as a loan that you have. If you have the income to support that loan, plus yours, from a loan officer's point of view, you may be able to get a loan. Generally, though, cosigning is a bad idea for anyone.


How does cosigning work?

What would you do if a friend or relative asked you to cosign a loan? Before you answer, make sure you understand what cosigning involves. Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner


Does cosigning on a loan affect the cosigner's purchasing power?

Yes since it will show up on your credit record as your debt. You are fully responsible for any loan that you co-sign.


Should I add my mother's name on the loan or put the loan in her name?

A loan applicant can't just "put somebody else's name" on the app. Either your mom is taking out the loan or she's cosigning for it. Either way, she will have to sign the paperwork.


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.


If you co-sign on an auto loan are you required to be on the title in Pennsylvania?

No, a cosigner generally has no legal rights to the property that they are cosigning for.


Does home foreclosure effect ability to get student loan?

In the US, no your eligibility for student loans is not dependant on credit or income.


I have co-signed for a friend for a new car Should'nt I have copies of all the paperwork on it?

No, you do not need copies, but can easily get copies by asking for them. Your first mistake was cosigning the loan. You are now responsible for this loan and you better pray he makes the payments on time. IMO, cosigning for a loan on anyone other than family is foolish at best. You may end up loosing a friend and lots of money to boot.


When cosigning do they check the cosigner's credit and use his income as well for repaying the loan?

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


How can I get out of a cosigning loan that is still active?

Chances are you will not be able to remove yourself from responsibility for any loan you cosign until the loan is paid in full. Remember, the borrower needed you to cosign because he didn't have credit, or had bad credit and was not considered by the lender to be a suitable risk. By cosigning, you are actually taking full responsibility for repaying the loan. There are a few situations where a lender may agree to remove you as cosigner if records indicate that payments have been made on time for a period of


How do you get your name removed from cosigning a car lease?

Until the lease is satisfied or the vehicle surrendered, you can't. You guarantee the loan if the primary cannot pay for it.


If a student loan is paid in full by the student does the cosigner have to pay the like amount also?

Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.


Can social security take your check if you are a co-signer on a student loan?

If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.


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