0
What else can I help you with?
If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
Do the mortgage show up on credit report for co borrower?
Yes, a mortgage can show up on a credit report for a co-borrower. When individuals co-sign a mortgage, both parties are responsible for the loan, and it typically appears on both of their credit reports. This means that the mortgage payments and any associated activity can impact the credit scores of both the primary borrower and the co-borrower.
Does a co signer have the right to borrow against and raise the amount of your line of credit?
A cosigner can only raise a line of credit on a home mortgage if both borrowers sign. Borrower and co borrower. It cannot be done by only one.
If you add your husband to your Capital One credit card will it improve his credit score?
Not only will it not improve his credit score, it could lower yours. When a lender looks at a borrowers probability of repaying a loan they look at BOTH borrowers. If one has a credit score of, lets say, 680 and the other has a score of 500, the lender will be less likely to give the loan then if the 680 borrows the money individually. If the lender does give the loan (or credit card) it will be at a higher interest rate using both borrowers than for the 680 borrower alone.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
If you have bad credit but your fiance has good credit how will you be affected when applying for a mortgage loan?
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
Does a co signer have the right to borrow against and raise the amount of your line of credit?
A cosigner can only raise a line of credit on a home mortgage if both borrowers sign. Borrower and co borrower. It cannot be done by only one.
You are attempting to establish credit in your own name your mother is co-borrower on your student loan Will it show on your credit score?
It will only show on the primary borrowers credit report. If the primary defaults on the loan then the responsibility falls to the co-signer. In brief, if the loan is in good standing the primary borrower will have it on their credit report only. If the loan is late or is defaulted it will be reported on both the primary and co-signers report.
Can an adult child and parent be listed on a mortgage as borrowers?
Yes, as long as both qualify.Yes, as long as both qualify.Yes, as long as both qualify.Yes, as long as both qualify.
Both names on the deed but only one name is on the loan that is going into foreclosure do both parties get the credit kill or just the loan holder?
Just the people that are on the home loan will hurt his/her credit. Title is different from loans mortgage. Once a house is foreclosured the bank will show this on the credit report for 7 yrs.
If you add your husband to your Capital One credit card will it improve his credit score?
Not only will it not improve his credit score, it could lower yours. When a lender looks at a borrowers probability of repaying a loan they look at BOTH borrowers. If one has a credit score of, lets say, 680 and the other has a score of 500, the lender will be less likely to give the loan then if the 680 borrows the money individually. If the lender does give the loan (or credit card) it will be at a higher interest rate using both borrowers than for the 680 borrower alone.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
If you get a cosigner when purchasing a car will it show up in your credit report or the cosigner's credit report?
It will appear on the CR of both parties.
Is a credit report the same as a credit score?
A credit report tracks your credit reliability based on your history of making payments on your loans and other debts. A credit score is a numeric value based on a weighted formula and your credit history. To find out more on both your credit report and credit score go to http://cashmoneylife.com/credit-score-credit-report-difference/
Where can a person get a free credit report in Canada?
There are two main credit reporting agencies where one can get a free credit report in Canada. 'Equifax' and 'TransUnion Canada both allow one to apply for a free credit report.
When getting a loan with a cosigner does the credit check go off of the cosigners credit or the borrowers credit?
The credit of the primary borrower(s) and the cosigner(s) are equally affected (positively or negatively) and both are subject to the credit history check and evaluation.
Whose credit score is used on a joint mortgage?
Both persons if it is applicable. In some cases a married couple will hold a joint mortgage but only the wage earner will have a credit score on record.
