answersLogoWhite

0

No, the co-signer is equally responsible until the agreement is honored in full or the debt/loan is refinanced w/o the co-signer being a party to the action.

User Avatar

Wiki User

19y ago

What else can I help you with?

Continue Learning about Finance

If you cosign for a car does your credit rating improve?

Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.


If you cosign a 72 month car loan can you get your name removed from the loan if the primary makes on-time payments for 48 months?

Frank, that will be up to the LENDER. If you approach them right it might be possible. It will help if the debtor has NOT messed up their credit in the 48 month period. Call the lender and ask.


If you co-sign a loan for someone and she makes all the payments on time will her credit rating improve?

Yes, it will improve her score, no matter who makes the payments on time, but you should be worried about what happens if SHE does not make the payments. The lender will expect YOU to make them.


Balance of payments deficit?

A balance of payments deficit means there is an imbalance in the balance of payments of a country where the payments the country makes are more than the payments they received. It means the balance of payments is negative. A balance of payments deficit is,when government expenditure is more than government revenue


How much will cosigning a student loan lower your credit score?

Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.

Related Questions

If you cosign for a car does your credit rating improve?

Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.


If you cosign a 72 month car loan can you get your name removed from the loan if the primary makes on-time payments for 48 months?

Frank, that will be up to the LENDER. If you approach them right it might be possible. It will help if the debtor has NOT messed up their credit in the 48 month period. Call the lender and ask.


Can the lender take to me to court if I am just a cosigner for my friend and he could not pay the remainder of his car loan?

Yes. That is the job of a co-signer, to make sure the signer makes the payments or to make the payments if the signer cannot.


How do you get Over your ex-boyfriend from 5 months ago when your friend is dating him?

that's actually of rude that your friend would do that. usually a friend would ask if you were ok with it. You could tell your friend that it makes you uncomfortable and if she absolutely wont budge id consider a new friend


If you co-sign a loan for someone and she makes all the payments on time will her credit rating improve?

Yes, it will improve her score, no matter who makes the payments on time, but you should be worried about what happens if SHE does not make the payments. The lender will expect YOU to make them.


Balance of payments deficit?

A balance of payments deficit means there is an imbalance in the balance of payments of a country where the payments the country makes are more than the payments they received. It means the balance of payments is negative. A balance of payments deficit is,when government expenditure is more than government revenue


How much will cosigning a student loan lower your credit score?

Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.


Hey how can you make 2000 dollars in 3 months if your 14 years old?

I dont know about $2000 in 3 months, but price chopper will hire 14 year olds, my friend makes $4600 a year there and he is 14.


What would you call a friend of mine who doesn't say anything about something that makes her mad but then months later brings it up and makes you feel bad?

not a very nice friend. if she carries on, ask her outright what is wrong, and talk about it. if she does it just to hurt you, i think it is time you made other good friends.


Does a co-signer have the right to take the car if you are behind on payments?

When you fail to make payments, they go after the co-signer. It can affect his credit. If he makes the payments he can take the car. You wouldn't want to make payments for someone else's car.


If you have a car and someone else makes the payments can you take it back whenever you want if payments are being made.?

Could you be give us a little more info?? Whose car is it??who is making the payments???


What type of friend that makes you hate someone?

a bad friend