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What else can I help you with?
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.
Can someone cosign with disability?
Yes. Just have the co-signer with the better credit score fill out the application as the first applicant. They won't necessarily even run a credit report on the second applicant.
Can a bankrupt person cosign a loan I have a good credit score but not enough income. My father makes over 100k a year but got over his head with credit cards. Is he still able to cosign my loan?
Anyone the lender accepts can be a cosigner...that is entirely the lenders choice. However, they naturally want someone more qualified, having a higher credit score, than the primary. Your father likely does not.
Why would someone want to check your credit score?
The credit score is needed by companies in order to evaluate the risk of a possible credit default, for example if one applies for a consumer credit or a bank account.
What do you need to cosign a car?
To cosign a car, you typically need a good credit score and a stable income to show the lender that you can help repay the loan if the primary borrower is unable to do so.
Where could one finance automobile purchases with a good interest rate on their loan?
The best way to receive a good interest rate on your loan is to either have a good credit score or have someone cosign with a good credit score. You can usually receive the best rates with banks or credit unions that you have been a member of for a prolonged period of time.
What do I need to cosign a car loan?
To cosign a car loan, you typically need a good credit score, stable income, and a willingness to take on responsibility for the loan if the primary borrower fails to make payments.
Whose credit score is used when you cosign for a loan?
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
What effect does a credit score have on a mortgage?
The credit score can effect mortgage rates in a lot of differnt ways. If someone has a high credit score he get a lower mortgage rate and if someone has a low credit score he gets a higher mortgage rate.
What do you need to cosign for a car?
To cosign for a car, you typically need a good credit score and a stable income to help the primary borrower qualify for the loan. By cosigning, you are agreeing to be responsible for the loan if the primary borrower fails to make payments.
What is the meaning of obtaining fast credit?
Obtaining fast credit refers to someone's credit score. Obtaining fast credit means that someone is getting a better credit score by correcting errors.
What is the average credit score needed for a home loan?
The average credit score need to purchase a home is 620.
