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Your 18 year old daughter has no credit an she needs a loan for college but dad an moms credit is bad an she needs a co-signer what can she do?
Have her go to the financial aid office at her college. They have loans for everyone and she doesn't need to credit and they also can tell her about scholarships that she can apply too. As for the parents, have them repair their credit with a reputable credit repair company (BBB).
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Your daughter is 18 and has no credit yet She needs a co-signer for college loans but her dad and my credit is bad what can she do?
If she's going to an accredited college or university then she can get federal student loans. They don't run your credit for these. She only needs to have not defaulted on any other federal loan.
Does a cosigner need good credit?
A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
Does a cosigner have to have a good credit rating to cosign?
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
Can someone with bad credit co-sign with someone with good credit and get a card using the other person's good credit?
You've got that stated backward. The person with bad credit who needs a credit card would be the borrower. He has to find someone with good credit to be the cosigner. And the cosigner has to really trust the borrower because he is going to be responsible for repaying the card if (when) the borrower doesn't.
Would they check the applicant of outstanding credit Cosigning credit card for applicant with bad credit?
Yes. Only in this manner can they ascertain that the cosigner is credit worthy as claimed. Everything must be verified beyond any shadow of a doubt. The cosigner needs to be well aware of the circumstances should the one they are signing for default on what is owed. If someone racks up $40,000 in credit, then doesn't pay, the cosigner is then FULLY responsible for the entire balance due, which could totally ruin their own credit rating. Just be very careful about what you are cosigning for and read ALL the fine print.
When is co signer required to take over student loan payments?
The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.
Can a cosigner be added to a loan?
When applying for a mortgage, one has the option of adding a cosigner. One needs to consider the advantages as well as disadvantages before deciding on a cosigner. Additional income might improve the chances of getting approved for the loan, however, other factors, such as lower credit score might have the opposit effect.
If a person needs a cosigner to lease a car will their credit improve if they make payments on time?
Yes, the owner as well as the co-signer will be affected when you lease a car, being it negative or positive it will have an impact on both credit reports.
Can a person with bad credit get a loan with a cosigner with good credit?
Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as co-signer.
How does cosigning affect your credit rating?
As a person who co-signed an auto loan for someone who consistently made late payments, accrued late fees, and eventually filed bankruptcy . . . I can truly tell you that if You co-sign an auto loan and the person doesn't make the payments it can really screw your credit up. However, if that person is making the payments timely without any problems - then I'd say it won't necessarily hurt your credit. But at the same time it won't necessarily help it either. If I were you I wouldn't do it. Believe me if I could go back - I wouldn't do it. A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased. A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
Where can you get a co?
Cosigners are not for sale if that's your question. You have to find someone with a good credit rating preferably a friend or relative. In addition this person needs to trust you!!! A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, and secure enough that they can risk much of what they have historically established for likely no real benefit - on someone others won't risk anything for, even with a possible very good business gain at stake. Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact he needs to be more responsible. He now has to take on the obligations of the primary too, if needed, likely without the control, posession or benefit of what was purchased. Which is to say, if someone buys something for themselves, on their own credit, and then loses their job (or whatever) and has problems paying, they can sell the item and pay off (all/much of) the obligation. For many reasons, a cosigner may not be able to. And let me be clear, it is frequently shown that people who are irresponsible about their own credit (regardless of why it got that way) are even more irresponsible about others credit and obligations -- and this extends to obligations like those that come with owning/maintaining things. Things that may have the cosigners name connected to them.
Where can you get a co signer?
Cosigners are not for sale if that's your question. You have to find someone with a good credit rating preferably a friend or relative. In addition this person needs to trust you!!! A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, and secure enough that they can risk much of what they have historically established for likely no real benefit - on someone others won't risk anything for, even with a possible very good business gain at stake. Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact he needs to be more responsible. He now has to take on the obligations of the primary too, if needed, likely without the control, posession or benefit of what was purchased. Which is to say, if someone buys something for themselves, on their own credit, and then loses their job (or whatever) and has problems paying, they can sell the item and pay off (all/much of) the obligation. For many reasons, a cosigner may not be able to. And let me be clear, it is frequently shown that people who are irresponsible about their own credit (regardless of why it got that way) are even more irresponsible about others credit and obligations -- and this extends to obligations like those that come with owning/maintaining things. Things that may have the cosigners name connected to them.
