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In New York is the lender required to notify the co-signer before reporting this information on his credit report?
No
What if the co signer has no credit?
If a co-signer has no credit, the person may not be able to obtain what they are wanting. This might be a car, or house, but if a co-signer is lacking something, the company may not allow the purchase.
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
Can your credit be to bad for a co signer?
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
Can a bank put a hold on my mother's acct if I am a signer on her acct and mine is negative?
Levy by credit card company
Do you need a co-signer to get a auto loan?
That would depend on your age and credit rating and the rules of the loan company.
Will the lender check the co-signers credit?
Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.Yes. The purpose of requiring a co-signer is to guarantee the loan will be paid if the primary borrower fails to pay. Therefore the lender will check the co-signer's credit and the loan will appear as a debt on the co-signer's credit record.
How is a cosigner affected when the primary signer is late on a payment?
The late payment(s) will show on the co-signer's credit report. If the loan defaults, the company can look for the co-signer to pay the remainder. Co-signing is very risky if the primary borrower has poor credit--it reflects poor payment habits.
Does the company repossessing a vehicle have to notify the co-signer?
Read the contract you co-signed. It should relate the info you want. USUALLY, lenders dont notify the co-signor until the car is sold at auction and its time to PAY UP.
How can a co-signer with perfect credit help you get a mortgage loan when you have bad credit?
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
Can you have a co-signer for CareCredit?
Yes, you can have a co-signer for CareCredit, which can help you qualify for the credit card if you have a limited credit history or a lower credit score.
Do you need a co signer to lease a car if you are Y?
Whether you need a co-signer to lease a car depends on your credit history, income, and the leasing company's requirements. If you have a strong credit score and sufficient income, you may qualify for a lease on your own. However, if your credit is poor or your financial situation is uncertain, a co-signer can help strengthen your application and improve your chances of approval. It's best to check with the specific dealership or leasing company for their policies.
