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Of course. Although a consumer would not be asked to co-sign if they also needed to "build credit".Professional lenders insist on a co-signer when they have reason to believe that the primary borrower will not repay the loan. If a lender (who's business is to lend money) believes that your friend or relative is a bad credit risk, why would you jeopardize your credit to help them secure a loan.Co-signing a loan makes both parties 100% liable for the debt.
What else can I help you with?
Can you improve your credit score by cosigning for someone who has perfect credit?
Yes you can, if approved it will show positive on both reports.
Does cosigning a loan affect your credit the same as being the primary person on a loan?
Yes if you co-sign for a vehicle you are just as liable as the primary person so if they dont pay you have to pay or both your credits are hurt
Cosigning on merchant account for someone with bad credit history?
I am not clear as to exactly what you are asking, but I can refer you to a couple of good resources for businesses whose owners have a bad credit history, but are seeking to get a merchant account. These are The Merchant Account Advisor and Merchant Account Exploer. Both have web pages devoted to the bad credit merchant account issue and list a number of processors who should be able to help.
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 Joint Credit Cards Help Build Good Credit?
Joint credit cards can work both ways. Since the credit card account is placed on both holders' credit accounts, the activity on the card as a whole affects both parties equally. So, if the card is maintained properly, it can help improve credit. However, if one of the card holders abuses the card and ranks up thousands of dollars in debt, it can adversely affect the other holder's credit rating.
Can you improve your credit score by cosigning for someone who has perfect credit?
Yes you can, if approved it will show positive on both reports.
You had a car repo 8 yrs ago that your exhusband cosigned for and they just now are wanting the money is he equally responsible for what you owe on it or just you we divorced 2 years before your repo?
You are both equally responsible for the money owed on the car because it is on both of your credit reports; cosigning makes both people responsible for the payments.
Does cosigning a loan affect your credit the same as being the primary person on a loan?
Yes if you co-sign for a vehicle you are just as liable as the primary person so if they dont pay you have to pay or both your credits are hurt
Can you build your credit rating by co-signing on a loan with your spouse?
Yes - the loan, if reported, would be reported on both parties credit reports.
Cosigning on merchant account for someone with bad credit history?
I am not clear as to exactly what you are asking, but I can refer you to a couple of good resources for businesses whose owners have a bad credit history, but are seeking to get a merchant account. These are The Merchant Account Advisor and Merchant Account Exploer. Both have web pages devoted to the bad credit merchant account issue and list a number of processors who should be able to help.
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 Joint Credit Cards Help Build Good Credit?
Joint credit cards can work both ways. Since the credit card account is placed on both holders' credit accounts, the activity on the card as a whole affects both parties equally. So, if the card is maintained properly, it can help improve credit. However, if one of the card holders abuses the card and ranks up thousands of dollars in debt, it can adversely affect the other holder's credit rating.
Do student loan payments help your credit score as much as a car loan would?
Yes. Both are installment loans and will build, or destroy, your credit score depending on how the debt is managed.
Do joint credit card help both credit scores?
Yes, joint credit cards can help both people’s credit scores if used responsibly. On-time payments and low balances benefit both users. But if one person mismanages it, both scores can drop. Tools like PFScores can help you track and manage your credit progress together.
Is credit considered a positive or negative aspect of personal finance?
Credit can be both a positive and negative aspect of personal finance. When used responsibly, credit can help build a good credit score and provide access to funds for important purchases. However, if mismanaged, credit can lead to debt and financial difficulties.
How does a car lease impact your credit?
A car lease can impact your credit in both positive and negative ways. Making on-time lease payments can help build a positive credit history, showing lenders that you are responsible with your finances. However, missing payments or defaulting on the lease can harm your credit score and make it harder to get credit in the future.
What are the benefits of adding both John and Sarah as authorized users on my credit card account?
Adding both John and Sarah as authorized users on your credit card account can help them build their credit history and improve their credit score. It can also make it easier for them to access credit when needed and can potentially earn you rewards or benefits if they use the card responsibly. However, it's important to monitor their spending and ensure they are responsible with the card to avoid any negative impact on your credit.
