0
If another person adds you as an authorized user, your credit rating does not change at all. Previously, you could benefit from their positive credit history and gain additional points on your credit score. This is called "piggybacking." However, as part of a string of updates to FICO-based credit scoring models, known as FICO 08, authorized user status no longer contributes to your credit score.
What else can I help you with?
If your husband co-signed for a car loan for his daughter and she has been late on several payments can this affect your credit rating?
Hello, Jamison here, YUP!!!!!!!!!!!!!!! Her bad credit is your BAD credit!!!!11111
Dose it hurt your credit if a cosigner files bankruptcy on there car?
If you have co-signed and the primary borrower has defaulted, you will need to step up and pay. If not then it will hurt your credit rating.
If you cosign for a car does your credit rating improve?
Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.
Which is better bad credit or no credit?
Neither is good, but both can be improved. Having no credit can make it difficult to be accepted for any type of credit, bad credit means at best the credit offered is going to be more expensive. To assist either situation you need to show a good record of using and paying off credit responsibly . . . no late or missed payments and overpaying where possible (targeting the most expensive debt you have or consolidating smaller debts is usually a good tactic). To gain a credit rating (for example if you are young and haven't used credit before, or are new to a country) then using a small but manageable amount of credit (and repaying this off in full each month) will be a good way to build your rating. Also ensure that you are signed up to the electoral role in your area - this helps financial agencies keep track of you and improves the chances that you will be positively rated.
Had signed car loan for son who is not paying on time how to have him finance a loan even though he has bad credit?
If you have co-signed for your son and he is not paying, it will fall under your financial responsibility to pay on time. Otherwise it will affect your credit rating as well. You can try to re-apply for another loan under you son's name only. There are few bad credit car loan providers out there in Toronto, you can try 1. http://www.autocreditfinancial.ca or 2. http://www.ontariocreditsolutions.com or 3 http://www.whitbymotors.com good luck.
If your husband co-signed for a car loan for his daughter and she has been late on several payments can this affect your credit rating?
Hello, Jamison here, YUP!!!!!!!!!!!!!!! Her bad credit is your BAD credit!!!!11111
Dose it hurt your credit if a cosigner files bankruptcy on there car?
If you have co-signed and the primary borrower has defaulted, you will need to step up and pay. If not then it will hurt your credit rating.
If you cosign for a car does your credit rating improve?
Your credit rating will improve if the party that you have co-signed for makes prompt payments. If they fail to do this, you are on the hook for the payments and late fees that they may incur. Only co-sign for someone that you are sure will make the payments.
Is there any protection for cosigners?
Not really unless you have a signed contract and are willing to sue them. Even then If they screw up on the payments your credit rating will go down. If they completely default your credit rating would go down and you might end up having to pay the entire loan ammount.
Which is better bad credit or no credit?
Neither is good, but both can be improved. Having no credit can make it difficult to be accepted for any type of credit, bad credit means at best the credit offered is going to be more expensive. To assist either situation you need to show a good record of using and paying off credit responsibly . . . no late or missed payments and overpaying where possible (targeting the most expensive debt you have or consolidating smaller debts is usually a good tactic). To gain a credit rating (for example if you are young and haven't used credit before, or are new to a country) then using a small but manageable amount of credit (and repaying this off in full each month) will be a good way to build your rating. Also ensure that you are signed up to the electoral role in your area - this helps financial agencies keep track of you and improves the chances that you will be positively rated.
Do credit cards have to be signed?
yes
Is it a law that credit cards have to be signed?
no
Can a bad credit rating for a primary borrower improve once a balance has successfully been paid off even when there are cosigners involved?
It will not improve as much as it would with no cosignor but some. A "bad credit rating" would not be impacted by an account being co-signed, or paid off. Your credit is affected by having an inquiry to open the loan, having a new loan granted, making payments on time (or not, as the case may be). If the loan was paid on time, as agreed, your credit will improve. If it was not, the credit of all signatories will be damaged.
Can a cosigner purchase a new vehicle even though he has co-signed?
Yes. A cosigner can purchase as many vehicles as a lender well allow. Of course it depends on your income and credit rating as to whether or not the lenders will extend you any more credit. The loan you cosigned for is on your credit and will be taken into consideration when the lender looks at your credit to determine your elligability for a car loan.
Do credit card companies keep record of your signed credit card application?
Yes they do.
Which former Eagles quarterback signed by the Vikings came back to lead the NFC in QB rating after a brief retirement?
Randall Cunningham led the NFC in QB rating after retiring from the eagles and then signed by the Vikings.
Had signed car loan for son who is not paying on time how to have him finance a loan even though he has bad credit?
If you have co-signed for your son and he is not paying, it will fall under your financial responsibility to pay on time. Otherwise it will affect your credit rating as well. You can try to re-apply for another loan under you son's name only. There are few bad credit car loan providers out there in Toronto, you can try 1. http://www.autocreditfinancial.ca or 2. http://www.ontariocreditsolutions.com or 3 http://www.whitbymotors.com good luck.
