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Would your credit score be affected if you have your name in title but not in the loan?
Wiki User
∙ 13y ago
Your credit score is only affected if (1) your name is on the loan and (2) you are a primary borrower.
However, if there is a loan that is used to secure a title (to either a boat or car), until the loan is paid off, the lender's name is on the title, not yours (unless, of course, you are lending the money that bought the vehicle).
Wiki User
∙ 13y ago
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What kind of credit can I get if I have a credit score of 529?
With a credit score of 529, one will not be able to get any prime or near-prime credit unless one obtains a co-signer with a notably higher credit score. The options available for one with a credit score of 529 include the following: * Subprime mortgage (at a very high interest rate) * Payday loans (at a very high interest rate) * Secured credit card (secured by a deposit, will help build credit score with ontime payments) * Auto title loan (if one owns the car and there is a reasonable amount of value in that car)
Is it easier for a person with poor credit to refinance their house with the help of a cosigner who has excellent credit?
It can be easier if you use their credit by putting them on title on the home and use there credit, however they will be responsible for the loan and be on title as at least a part owner. If you use another persons credit to do a refinance, the other person must in most title states be put on title and will be responible for the loan even if you both sign which you would have to do.
Can you be listed on the title for a home but not on the mortgage and still see improved credit scores if you are making all the payments?
In theory, anyone can be listed on the title to a home. That is a totally separate issue from the lender reporting the payment history to the credit bureaus. I am a mortgage broker and based on your question, I have no idea how your credit score vould be improved WITHOUT you being on the loan. Why are you not on the mortgage but on the title? That gives you a lot of power over that home without any liability.
Can a credit union keep my car title due to my filing bankruptcy on a credit card I had with them also?
You financed the car through the credit union, huh? I can't think of any other reason why they would have the title. They will probably repossess the car. They want to sell the car to get back some of the money you owe.
What happens if mortgage loan holder files for bankruptcy when the title has other people also?
If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.
If mortgage note is in the name of a deceased spouse but your name is on the deed will your credit be affected if you chose to walk away from the home?
If you are only on the title, then your credit will not be affected.
Can a property owners association affect credit score?
Yes. If, for example, you do not pay your assessments, and a lien is placed on your title, the filing is reported to the credit bureaus, and will show up on your credit report. Your score could suffer.
What kind of credit can I get if I have a credit score of 529?
With a credit score of 529, one will not be able to get any prime or near-prime credit unless one obtains a co-signer with a notably higher credit score. The options available for one with a credit score of 529 include the following: * Subprime mortgage (at a very high interest rate) * Payday loans (at a very high interest rate) * Secured credit card (secured by a deposit, will help build credit score with ontime payments) * Auto title loan (if one owns the car and there is a reasonable amount of value in that car)
Is your credit history affected by a lien that is put on a house?
If there is a mortgage/equity loan involved,that loan will report on your credit history. The lien will report on the title of the house. A title search will be conducted if you are selling or refinancing the house.
Does having title insurance lower your score?
Does having title insurance lower your [Credit Score a.k.a. FICO (Fair Isaac Corporation)] score? The answer is... No, it does not. Title insurance is part of most residential real estate transactions. All a title insurance does is say that someone did a search against the legal records of the local municipality and verified that there is no other person who can claim to own this property in the future because of some undisclosed or forgotten legal record; and if for some reason that does happen... the title insurance company will pay a claim against the loss of that property. When title insurance is issued it is paid for only one time; and typically there are two types of policies that are issued simultaneously by the same title company. 1) A Buyer's policy. (This policy pays out to the buyer.) 2) A Lender's policy. (This policy pays out to the buyer's mortgage lender.) So, no, title insurance should never impact your credit score. Note: Mortgage insurance, which is another thing entirely, may impact a credit score. To be exact the circumstances that cause a lender to require mortgage insurance may impact a credit score; but that's another question.
How do you sell a motorcycle that you purchased on your credit card?
It depends on who holds the certificate of title on the motorcycle.If you hold the title, and it is in your name, and there are no lien holders listed on the title. then you could sell the motorcycle at any time you would like. On the other hand if the credit card company holds the title then you would have to pay off the balance owed on the motorcycle to the credit card company, they would then release the title to you, at which time you could sell the motorcycle.
Is it easier for a person with poor credit to refinance their house with the help of a cosigner who has excellent credit?
It can be easier if you use their credit by putting them on title on the home and use there credit, however they will be responsible for the loan and be on title as at least a part owner. If you use another persons credit to do a refinance, the other person must in most title states be put on title and will be responible for the loan even if you both sign which you would have to do.
If you are trying to refinance a mortgage which is only in your name and your spouse has a much better credit score than you should you add your spouse's name to the title beforehand?
Yes.
Can a car be repossessed if the title work has not yet been completed and whose credit would the repo affect?
Yes it can and will effect your credit
What is Title loan?
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
Can you be listed on the title for a home but not on the mortgage and still see improved credit scores if you are making all the payments?
In theory, anyone can be listed on the title to a home. That is a totally separate issue from the lender reporting the payment history to the credit bureaus. I am a mortgage broker and based on your question, I have no idea how your credit score vould be improved WITHOUT you being on the loan. Why are you not on the mortgage but on the title? That gives you a lot of power over that home without any liability.
What is a title loan?
A title loan is also known as car title loan. It is a type of secured loan where you can use your vehicle title as collateral to get the funds you need. When you borrow with your car title, you allow the lender to place a lien on the title of your car, SUV, RV, truck, or motorcycle in exchange for a loan amount. This loan don't rely on your credit score.
