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No it helps it if you make timely payments.. but you are equally responsible to repay the debt. Also, it takes away from your available credit so make sure it is something you really need to get in debt for. If you mean co-signor, YOU are responsible for all the debt and it goes against your credit entirely even though the other party is "supposed" to be responsible.
"Affect" doesn't necessarily mean something bad. Yes, being a co-applicant affects your credit. If you are a co-applicant, it is usually affects your credit the same way it would if you were the only applicant. If the loan is repaid in a timely manner, it affects your credit positively. If the loan is paid back in a non-timely manner, or if it is defaulted on, it affects your credit adversly.
What else can I help you with?
Does being a co-applicant affect your credit?
Hell yeah it does!!!!!!!!!!!!
Will a co-applicant who has bad credit hurt the chances of the primary applicant getting approved for a loan assuming the applicant has good credit?
yes unfortunatly i think so.
Is a co-applicant responsible for a credit card balance if the card holder does not pay?
Yes. Anytime you enter into a contract as a co-applicant, co-signer, co-owner, etc. you are equally responsible for the debt incurred.
Will bad credit rating of your spouse affect your qualification for a mortgage?
Not if you don't use your spouse on the application as a co applicant or "additional income". If you don't need their income, then leave them off and no, it should not affect.
Can a person with bad credit open a joint bank account?
yes as long as co-applicant has good credit history.
Does being a co-applicant affect your credit?
Hell yeah it does!!!!!!!!!!!!
Does a repo on a deceased spouse's vehicle affect the widow's credit?
no , unless she is a co - applicant
If you use MBNA Cleansweep for 10K debt but need a co-applicant can the co-applicant's credit be hurt?
Yes. The debt will appear on the co-applicant's credit reports
Will a co-applicant who has bad credit hurt the chances of the primary applicant getting approved for a loan assuming the applicant has good credit?
yes unfortunatly i think so.
Is a co-applicant responsible for a credit card balance if the card holder does not pay?
Yes. Anytime you enter into a contract as a co-applicant, co-signer, co-owner, etc. you are equally responsible for the debt incurred.
Will bad credit rating of your spouse affect your qualification for a mortgage?
Not if you don't use your spouse on the application as a co applicant or "additional income". If you don't need their income, then leave them off and no, it should not affect.
Can a person with bad credit open a joint bank account?
yes as long as co-applicant has good credit history.
Can your credit be to bad for a co signer?
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
Can someone cosign with disability?
Yes. Just have the co-signer with the better credit score fill out the application as the first applicant. They won't necessarily even run a credit report on the second applicant.
If you are a co-applicant on a car loan but not the primary does it get reported on your credit report as well as the primary applicant?
Yes. And it will make a difference in your income to debt ratio.
What is a co-applicant?
A co-applicant is someone who applies for something along with another applicant.
How does co-signing a loan affect the co-signer?
Co-signing a loan is a legal and financial obligation to repay the full loan amount in case the primary loan applicant is unable to make payments. Co-signers are often required if the primary applicant does not meet loan requirements for income, has a high debt-to-income (DTI) ratio, or possesses a low credit rating. In these cases, the co-signer is hopefully a stronger applicant capable of guaranteeing loan repayment.By co-signing any loan the co-signer agrees to be completely responsible for paying the loan if the primary borrower stops making the payments. If the primary borrower defaults on the loan both your credit records will be affected. The loan will be listed as your loan at the credit reporting agencies. Do not co-sign unless you can afford to pay back the loan.Tip: do not co-sign a loan unless you trust the applicant completely - relationships change, so co-signing for boy/girlfriends is not recommended.
