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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Can someone be a cosigner for an apartment if they live in another state?
Whether or not an apartment complex would allow someone from another state to become a cosigner would be up to them to decide. They have the right to set their own rules in regards to who would be allowed to cosign.
Do you need a credit card to have credit?
No you can build credit by taking out a loan and paying it back ON TIME. Or have someone cosign a loan for you in order to get approved for a card or loan but make sure the cosigner fully understands the agreement because they'll take on most of the risk.
What if the cosigner has two car loans and a mortgage can they still cosign?
They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.
What are the steps for hiring a cosigner for a loan application?
To hire a cosigner for a loan application, you need to first find someone willing to cosign. Then, they will need to fill out the necessary paperwork and provide their financial information. The lender will evaluate the cosigner's creditworthiness and may require them to sign the loan agreement.
When you cosign for someone how long are you required to be their cosigner?
For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Can you be seventeen and have a cosigner cosign for an auto loan?
i was able to get an auto loan with the help of a cosigner and im under 18
Can someone be a cosigner for an apartment if they live in another state?
Whether or not an apartment complex would allow someone from another state to become a cosigner would be up to them to decide. They have the right to set their own rules in regards to who would be allowed to cosign.
Do you need a credit card to have credit?
No you can build credit by taking out a loan and paying it back ON TIME. Or have someone cosign a loan for you in order to get approved for a card or loan but make sure the cosigner fully understands the agreement because they'll take on most of the risk.
What if the cosigner has two car loans and a mortgage can they still cosign?
They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.
What are the steps for hiring a cosigner for a loan application?
To hire a cosigner for a loan application, you need to first find someone willing to cosign. Then, they will need to fill out the necessary paperwork and provide their financial information. The lender will evaluate the cosigner's creditworthiness and may require them to sign the loan agreement.
Does a cosigner need a driver's license?
You need a lisence to drive the car, but not to cosign a loan.
Can a cosigner of a home loan receive half of the proceeds?
Did you help make payments? If all you did is to cosign, then no.
If you need a cosigner for a loan and you have someone with a credit score of 700 who will cosign but they only made 12k last year will they be approved?
The credit score could indicate that the person is responsible in their financial dealings. Unfortunately the salary amount would not be favorable. Many lenders will, however, look at the overall financial picture of the cosigner; for example the person's debt to income ratio, potential for increased future income, etc.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
If you already have a car loan out can you cosign for a friends car loan?
Yes you can be a cosigner if your credit is approved by the lender. Also, you should be certain you can afford to make the car payments in case the primary borrower fails to pay. You will be held equally responsible for paying the loan. In most cases where someone needs a co-signer, their credit is not up to speed, and the risk that they will not pay is passed to you. Think twice about getting entangled in their financial situation.
