0
Yes. A co-signer must be approved. The nature of co-signing requires the lender to make certain the co-signer has good credit and the resources to pay the loan. The borrower's credit isn't good enough to qualify for the loan and therefore the co-signer must be able to pay the loan if the borrower fails to make the payments.
A person who needs a co-signer has been determined by the lender to not have the standard credit qualifications to borrow money. They may not have the credit record or resources to convince the lender the loan will be paid. They are a poor risk. Therefore, the lender requires a co-signer who guarantees that the loan will be paid back.
That should be a red flag for the co-signer. It falls to the co-signer to have the income and they need to have the resources to pay the loan if the primary borrower defaults on the payments. Co-signing a loan may make the co-signer ineligible for qualifying for loans from other lenders since the loan they co-signed shows up as a liability on their own credit record.
Add your answer:
Earn +20 pts
When your Father passed away how bad will a car repossession affect a cosigners credit?
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
Which credit cards let you have cosigners?
i have no idea
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
If the cosighner stops making payments on car loan but has the car and wont return it?
both owner cosigners credit will be affected both owner cosigners credit will be affected
Does bad credit affect us citizenship application?
no
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
What is the process for applying for credit cards?
To apply for credit cards, one must fill in an application form either in person or online. The organisation will ask questions based on income, outgoings and will determine the credit score of the applicant from which it will offer or decline the application. Credit scoring can affect the interest rates and amount of credit offered, and too many applications together will also affect one's credit score.
Does credit score affect an application for citizenship?
Your credit score is not a consideration when applying for US Citizenship.
Can a cosigner have bad credit?
Generally speaking no. Cosigners are needed for a purpose, and most often it is because the primary debtors has bad credit.
What is a credit card affiliate and how will it affect someone applying for a credit card?
Credit card affiliates offer credit card customers exclusive deals and incentives for using a credit card. This does not affect an application as the enrollment in the program is voluntary.
Will your credit history affect your application for a virgin money credit card?
Yes it will affect your chances for a virgin money credit card. This will happen becasue for any credit card that you are applying to you need a good enough credit score to qualify.
What is the lowest a cosignee's credit score can be?
Most lenders prefer a cosigner to have a credit score of at least 620. However, cosigners with a credit score of 720 or above is always preferred.
Subjects
Math Science History Arts & Humanities Social Studies Engineering & Technology Business OtherTop Categories
Algebra Chemistry Biology World History English Language Arts Psychology Computer Science EconomicsProduct
Community Guidelines Honor Code Mobile App Answers+ Flashcard Maker Study Guides Math Solver FAQGet the Answers App
