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It depends on the loan and your current credit. Remember that by co-signing a loan, you're taking liability for the contract. The bank looks at each one of these as a credit risk, and therefore will limit your purchasing power based on the amount of collateral you have in contrast to the amount of the loan, and your risk potential (or credit score). For instance, if you co-sign on a sibling's $30K loan, but only have a yearly income of $40K and have no house, you're likely to NOT be able to qualify for a decent mortgage rate. To them, it's YOUR liability!
What else can I help you with?
Does cosigning on a loan affect the cosigner's purchasing power?
Yes since it will show up on your credit record as your debt. You are fully responsible for any loan that you co-sign.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
Have you ever regretted cosigning a loan for your ex?
Yes, I have regretted cosigning a loan for my ex.
Have you ever regretted cosigning a car loan for your ex?
Yes, I have regretted cosigning a car loan for my ex.
How does cosigning for a car loan affect your credit?
No.
Does cosigning on a loan affect the cosigner's purchasing power?
Yes since it will show up on your credit record as your debt. You are fully responsible for any loan that you co-sign.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
Have you ever regretted cosigning a loan for your ex?
Yes, I have regretted cosigning a loan for my ex.
Have you ever regretted cosigning a car loan for your ex?
Yes, I have regretted cosigning a car loan for my ex.
How does cosigning for a car loan affect your credit?
No.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
How do you repair the damage on your credit report from cosigning a bad loan?
TIME!
How does cosigning a loan impact my debt to income ratio?
Cosigning a loan can increase your debt-to-income ratio because the loan amount will be included in your total debt, even if you are not the primary borrower. This can make it harder for you to qualify for other loans or credit in the future.
How does cosigning a loan impact your debt-to-income ratio?
Cosigning a loan can increase your debt-to-income ratio because the loan amount is added to your total debt, even if you are not the primary borrower. This can make it harder to qualify for other loans or credit in the future.
Does your bad credit rating affect your children if they want a loan?
only if your cosigning
Does divorce disqualify one from eligibility to cosign a loan?
It depends on what kind of loan. Generally, the answer is no, it does not, but the divorce may have an adverse effect on the separate credit scores, and it would be the lowering of the credit score that might make one ineligible for cosigning.
