0
If you have no credit but are holding a good job but they said you need a cosigner can one of your friends cosign for you?
Anyone who qualifies through a good credit history can co-sign for you. However, choose a co-signer wisely. That person will be responsible for your debts should you lose your job, become injured, default in any way or die. You may find mixing finances with friendship is harmful to the friendship. Be careful and good luck.
What else can I help you with?
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.
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
Can a credit provider report a guarantor to credit reporting agencies based on the defaults committed by the principal?
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
Does a cosigner have to have a good credit rating to cosign?
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
How does being a cosigner affect your debt-to-income ratio?
Being a cosigner can increase your debt-to-income ratio because the debt you cosign for is considered your responsibility, even if you are not the primary borrower. This can impact your ability to qualify for loans or credit in the future.
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.
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
Can a credit provider report a guarantor to credit reporting agencies based on the defaults committed by the principal?
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
When you cosign for a vehicle will it be on your credit report and therefore effect the cosigner when they attempt to make a major purchase in the future?
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
Can any adult cosign for a teen to get a credit card?
Yes, but if you don't pay the bill the cosigner will be held responsible
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
Does a cosigner have to have a good credit rating to cosign?
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
How does being a cosigner affect your debt-to-income ratio?
Being a cosigner can increase your debt-to-income ratio because the debt you cosign for is considered your responsibility, even if you are not the primary borrower. This can impact your ability to qualify for loans or credit in the future.
Can an 18 year old be a cosigner for an adult?
Yes, an 18 year old can be a cosigner for an adult. At the age of 18, the individual themselves is considered an adult. Any adult, depending on whether or not their credit is good or bad, can cosign for another adult.
Can a person with bad credit cosign for a car loan?
I don't think so. The reason for a cosign is because the person buying the car has bad credit and the cosigner is a guarantee to the bank the loan will be paid. Two bad credit reports doesn't equal one good one. Since you have credit problems I wouldn't sign because that will add to your debt ratio to income and actually harm your credit.
What does it mean to cosign on a car loan and what are the responsibilities and implications of being a cosigner?
Cosigning on a car loan means agreeing to be responsible for the loan if the primary borrower fails to make payments. As a cosigner, you are equally liable for the loan, and your credit score could be affected if payments are missed. It's important to understand the risks and responsibilities before agreeing to cosign on a loan.
