0
Can a collection agency sue a co-signer on a credit card even if the main signer is alive?
Yes, the primary borrower and the cosigner are both equally and legally responsible for repaying the debt in question. A creditor/collector will take legal action against the party which they believe they are most likely to be successful in collecting monies owed. For example, if the cosigner is currently employed and the primary borrower is not, the creditor might "go after" the cosigner in the hopes of obtaining a judgment that can be executed as a wage garnishment.
What else can I help you with?
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
You are underage with bad credit do you need a cosigner?
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
Does paying your car loan on time even with a cosigner help build your credit?
Yes. It will also improve the co-signer's credit too.
Does a cosigner have to have good credit?
Absolutely. The whole point to having a co-signer is the creditor wants assurance that the debt will be repaid.
Does the APR go down if you have a cosigner for an auto loan?
yes it does, it will go down even more if the co signer has good credit.
Can a collection agency going after the debt of the cosigner of your auto loan put a lien on your car?
Only if the 'co-signer' also has an ownership interest in the car.
If one files bankruptcy and has a co-signer will if affect their credit rating?
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
What are the qualifications of a cosigner?
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
If you made a couple of late payments on your apartment will this affect your cosigner's credit rating?
Yes, If the co-signer gets "dinged" on the credit report just like they where the signer
You are underage with bad credit do you need a cosigner?
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
Can a cosigner take property if they haven't made any payments?
a co signer has a right to protect their credit- if you are not paying then legal action can be taken by the co signer
Does paying your car loan on time even with a cosigner help build your credit?
Yes. It will also improve the co-signer's credit too.
How long could a cosigner help you rebuild credit?
Co-signers and CreditA co-signer really doesn't help you build credit, because the loans are actually based on the credit of the co-signer and not you. Type this in Google..........How can I rebuild my credit? for information
When do you need a cosigner?
If you have insufficient credit strength for a lending institution to accept a loan you'll need a co-signer.
Do you have to have a co-signer if you are a first time buyer?
no It's not required unless your credit is poor.The lender will tell you if you need a cosigner.
Does a cosigner have to have good credit?
Absolutely. The whole point to having a co-signer is the creditor wants assurance that the debt will be repaid.
If the co-signer do not have enough credit after being the co-signer half year for a car loan because of the co-singer lose the job What will happen to the co-signer?
AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)
