A credit rating of a borrower reflects the past credit payment history. It also reflects the financial soundness as well as willilngness or a responsibility of a borrower to pay towards the loan dues. Hence it reflects the personal character of a borrower also. If the credit rating is high it shows that the borrower is a man of integrity and honesty; he has discharged his responsibility effectively. It also reflects the commitment to honour his words. Hence while giving a job now-a-days an employer also sees this aspect which helps him to judege the real character of the person whom they are going to employ. It gives a real indicator as to what sort of person he is, which helps the employer to judge the person who is being hired.
yes unfortunatly i think so.
Lenders find information about bad credit when dealing with a mortgage applicant by running a credit check. They send your information to a credit service to see what information they can find.
yes as long as co-applicant has good credit history.
This is one way of finding out if the applicant had any bad record concerning finances. If the applicant cannot handle money, then it is likely that he or she may not be responsible and trustworthy to work in a company.
The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.
No it helps it if you make timely payments.. but you are equally responsible to repay the debt. Also, it takes away from your available credit so make sure it is something you really need to get in debt for. If you mean co-signor, YOU are responsible for all the debt and it goes against your credit entirely even though the other party is "supposed" to be responsible. "Affect" doesn't necessarily mean something bad. Yes, being a co-applicant affects your credit. If you are a co-applicant, it is usually affects your credit the same way it would if you were the only applicant. If the loan is repaid in a timely manner, it affects your credit positively. If the loan is paid back in a non-timely manner, or if it is defaulted on, it affects your credit adversly.
You can get a secured credit card which is great for people with bad or no credit. You basically pay ahead for an amount and can then borrow against that. It helps build credit.
It can be pretty difficult to get a loan with bad credit reflecting against you. You may be able to get one but it will have a pretty high interest rate to make up for your bad credit score.
It depends on where you apply. The agency I work for represents 16 carriers, only 2 of which would consider an applicant with bad credit. The approvals come with high rates, but nearly all are approved. See: www.jwsuretybonds.com/apply.php
Yes it will most definatly go against your credit report. A credit check is only to provide a lender with a picture of your credit history. it has nothing to do with wether or not you have good credit or bad credit in its self. wether or not you pay your bills on time and how much you owe is what determines your credit rating. if you do not pay your bills your credit rating will suffer and fewer institutions will lend to you. when they view your credit report they will see you as a bad risk.
Yes, thru the lender that has the CD on the books if they will do it.
Bad credit remortgages can be used to stop monthly payments of a high interest or inflexible mortgage, which is a sweet deal for any adverse credit holder.