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Will your credit go down if you cosigned on a car loan and a student loan?
RDpinoy
YOUR CREDIT CANNOT GO DOWN? UNLESS YOU FORGET TO PAY THE LOANS ON TIME. IN FACT YOUR CREDIT WILL GO UP AND YOU'LL BE ABLE TO BUY MORE STUFF AS THE LOANS ARE PAID OFF.
Wiki User
∙ 16y ago
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Can co-signing a car loan affect your chance to get a student loan?
Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
Can co signing a car loan affect your chance to get a student loan?
Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this person had to repay the loan they cosigned on, and all the other debts on their credit report, plus the loan they are asking us to approve, could we expect them to repay based on what we know about their income and credit history?"
Your Grandpa cosigned your student loan The loan was private He recently passed away Can you get the loan discharged?
No dude you are stuck.
Where can you get a fifty thousand dollar loan with bad credit?
Three possible choices: Quick loan or payday loan (outrageous interest rates, used for repairing credit), a Collateral loan, or a cosigned loan.
Why is my student loan reporting a credit limit?
The credit limit is the initial amount of your student loan. It helps keep your student loan from skewing your debt to credit ratio which can lower your credit score and make it more difficult to get credit.
What are the options if an exfiance wants off a cosigned student loan but the borrower cannot get another loan to pay off or refinance the cosigned loan and no the loan has never defaulted?
Since your ex-fiance cosigned on the loan, they are just as much obligated to the contract as you are. The only way they could get their name "off the loan" was, as you said, for the original borrower to obtain a new loan, in order pay off the original obligation. If this is not possible, then she is locked into the original contract.
How does a cosigned loan work?
If the person who the loan is for doesn't pay, the co-signer has to pay if thay don't pay it will afeect their credit also.
Does a parent's credit score affect student loan?
If the student loan is taken out in the name of the student then no. The student's credit score is separate from anyone else's. If the student loan is taken out in the name of the parent or with them as cosigner then yes - their credit scores would come into play.
Can you take someone to small claims court if they refuse to repay a student loan that you cosigned for?
Yes, for Breach of contract.
Is there any way to get your name off of a loan if you cosigned for a car loan while you were married and then you got divorced?
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.
If you cosign a student loan does it show up on your credit report?
YES IT DOES....IF THAT STUDENT LOAN DOESNT GET PAID OFF BY THAT PERSON IT WILL COME BACK ON YOU AND CAN MESS UP YOUR CREDIT.MY FATHER COSIGNED FOR MY SISTERS STUDENT LOAN.BAD MOVE!!! BUT YOU LIVE AND LEARN......SO THINK ABOUT IT FIRST. Yes, it does. The reason is because you have to assume responsibility is left unpaid. This is considered debt to you.
Someone cosigned a loan for me and I since lost my job can this person file suit for the entire loan or just what she cosigned for?
No, you would have to redo the loan.
