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Why do late payments on a loan you cosigned for affect your credit rating and what can you do about it?
By being a co-signer you become a co-debtor. Therefore if the primary borrower defaults it can reflect on your credit report. There isn't much you can do about it, except try writing a dispute letter, that's a longshot.
What else can I help you with?
Does making extra principal payments to your mortgage have any affect on your credit rating?
Yes, it will shorten the time in which the mortgage is on your credit report.
If you have a credit card with a balance and you haven't used it in a year and cancelled it would that have a negative affect on your credit rating?
Not as long as you don't default in the payments.
What factors determine the credit rating by the S and P?
== == There are four or even five factors that affect your scores: Payment History Balance Mixture of Credit Late Payments
Had a loan for six years but you had 17 payments over 30 days How does this affect your credit?
It will lower your credit rating as finance companies will view you as person slow to pay.
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
Does making extra principal payments to your mortgage have any affect on your credit rating?
Yes, it will shorten the time in which the mortgage is on your credit report.
If you have a credit card with a balance and you haven't used it in a year and cancelled it would that have a negative affect on your credit rating?
Not as long as you don't default in the payments.
How does child support affect your credit score?
yes, it absolutely will. However, there are a couple of different ways it may affect your credit rating depending on your circumstances and how your child support payments are collected.
If you made a couple of late payments on your apartment will this affect your cosigner's credit rating?
Yes, If the co-signer gets "dinged" on the credit report just like they where the signer
What factors determine the credit rating by the S and P?
== == There are four or even five factors that affect your scores: Payment History Balance Mixture of Credit Late Payments
Had a loan for six years but you had 17 payments over 30 days How does this affect your credit?
It will lower your credit rating as finance companies will view you as person slow to pay.
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
How can a teenager start building their credit rating?
As long as you pay off all your payments that you paid on your credit card your credit rating will increase.
What are the disadvantages to making a credit purchase?
The one possible disadvantage is - You would be charged a hefty interest and penalties if you fail to make payments on your credit card on time. And also it would affect your credit rating..
If a parent cosigns on a car loan with hisher child and the child does not make payments can the stepparent be held responsible or have their credit rating impacted if the payments are not made?
The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.
Do misdemeanors affect your credit?
Possessing a criminal record CAN affect your credit rating - but to what extent, is a confidential rationg factor the credit rating industry won't release.
How can one build their own credit cards?
In order to build credit, one must apply for a credit card and maintain their account in good standing. Any missed or late payments will most likely adversely affect their credit rating.
