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Yes. A co-signer must be approved. The nature of co-signing requires the lender to make certain the co-signer has good credit and the resources to pay the loan. The borrower's credit isn't good enough to qualify for the loan and therefore the co-signer must be able to pay the loan if the borrower fails to make the payments.
A person who needs a co-signer has been determined by the lender to not have the standard credit qualifications to borrow money. They may not have the credit record or resources to convince the lender the loan will be paid. They are a poor risk. Therefore, the lender requires a co-signer who guarantees that the loan will be paid back.
That should be a red flag for the co-signer. It falls to the co-signer to have the income and they need to have the resources to pay the loan if the primary borrower defaults on the payments. Co-signing a loan may make the co-signer ineligible for qualifying for loans from other lenders since the loan they co-signed shows up as a liability on their own credit record.
What else can I help you with?
Which credit cards let you have cosigners?
i have no idea
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.
What type of credit check, hard or soft, will be conducted during the application process?
During the application process, a soft credit check will be conducted.
What is the process for applying for credit cards?
To apply for credit cards, one must fill in an application form either in person or online. The organisation will ask questions based on income, outgoings and will determine the credit score of the applicant from which it will offer or decline the application. Credit scoring can affect the interest rates and amount of credit offered, and too many applications together will also affect one's credit score.
Does bad credit affect us citizenship application?
no
When your Father passed away how bad will a car repossession affect a cosigners credit?
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
Which credit cards let you have cosigners?
i have no idea
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 the cosighner stops making payments on car loan but has the car and wont return it?
both owner cosigners credit will be affected both owner cosigners credit will be affected
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
What type of credit check, hard or soft, will be conducted during the application process?
During the application process, a soft credit check will be conducted.
What is the process for applying for credit cards?
To apply for credit cards, one must fill in an application form either in person or online. The organisation will ask questions based on income, outgoings and will determine the credit score of the applicant from which it will offer or decline the application. Credit scoring can affect the interest rates and amount of credit offered, and too many applications together will also affect one's credit score.
Does bad credit affect us citizenship application?
no
Does breaking a lease hurt cosigners credit?
That is why the cosigner is there. To back up the contract if you bail.
Can a cosigner have bad credit?
Generally speaking no. Cosigners are needed for a purpose, and most often it is because the primary debtors has bad credit.
What does null mean on credit application?
On a credit application, "null" typically indicates that a particular field or response is empty or not applicable. It suggests that the applicant did not provide information or that the question does not pertain to their situation. This can affect the evaluation process, as missing data may lead to assumptions or incomplete assessments by lenders.
What is a credit card affiliate and how will it affect someone applying for a credit card?
Credit card affiliates offer credit card customers exclusive deals and incentives for using a credit card. This does not affect an application as the enrollment in the program is voluntary.
