0
What else can I help you with?
Have you ever regretted cosigning a loan for your ex?
Yes, I have regretted cosigning a loan for my ex.
Can social security take your check if you are a co-signer on a student loan?
If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.
Have you ever regretted cosigning a car loan for your ex?
Yes, I have regretted cosigning a car loan for my ex.
If a student loan is paid in full by the student does the cosigner have to pay the like amount also?
Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.
How does cosigning for a car loan affect your credit?
No.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
How much will cosigning a student loan lower your credit score?
Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
How do you repair the damage on your credit report from cosigning a bad loan?
TIME!
How does cosigning a loan impact my debt to income ratio?
Cosigning a loan can increase your debt-to-income ratio because the loan amount will be included in your total debt, even if you are not the primary borrower. This can make it harder for you to qualify for other loans or credit in the future.
How does cosigning a loan impact your debt-to-income ratio?
Cosigning a loan can increase your debt-to-income ratio because the loan amount is added to your total debt, even if you are not the primary borrower. This can make it harder to qualify for other loans or credit in the future.
