It depends also on the amount of income added. If there are 2 borrowers on the loan, and they have 6 scores. Borrower A 600, 550, 500. The lender will use the middle score 550 Borrower B 700, 750, 800. The lender will use the middle score 750 When there are two borrowers, they will use the LOWER of the 2 middle scores. In this case it will be 550.
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
i would say your best bet would be to get a co-signer with good credit to help you out. that should improve your credit if paid off correctly and you wont need a co-signer next time. what do you need the money for?
There are options out there for purchasing a car with bad credit. A great start would be to have a large down payment. One could also have a co-signer on their car loan and after making the payments the co-signer can be released from that lien.
Generally no, unless they were a co-signer on the account.
The need for the co-signer will depend on the management. However, it would be best, given the bad credit history of the one person, to make sure that the one with good credit can solely support the rent payment. That is because bad credit history reflects a poor payment history.
The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.
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i would say your best bet would be to get a co-signer with good credit to help you out. that should improve your credit if paid off correctly and you wont need a co-signer next time. what do you need the money for?
There are options out there for purchasing a car with bad credit. A great start would be to have a large down payment. One could also have a co-signer on their car loan and after making the payments the co-signer can be released from that lien.
That would depend on your age and credit rating and the rules of the loan company.
Yes. A co-signer is fully responsible for the debt. If the primary borrower doesn't make the payments it will be reflected on the credit record of both borrowers. If the primary defaults, the bank will go after the co-borrower for payment. That is the purpose of having a co-signer. The co-signer guarantees the debt will be repaid.
Generally no, unless they were a co-signer on the account.
The need for the co-signer will depend on the management. However, it would be best, given the bad credit history of the one person, to make sure that the one with good credit can solely support the rent payment. That is because bad credit history reflects a poor payment history.
Car loans for those with poor credit can be obtained with a co-signer or someone that is willing to guarantee that the loan will be repaid completely. Without a co-signer a car loan could be obtained from a bank but the interest rate would be higher and there would be no grace period for late payments.
No. There would be no reason to allow an unemployed person to co-sign a loan. A co-signer is required by the lender when the primary borrower has a poor credit record and /or doesn't earn enough money to pay the loan. A co-signer is fully responsible for paying the loan and guarantees the loan will be repaid. If they are unemployed they are not a good credit risk and would not be acceptable to the lender.
Without knowing your co-signer's finances, this is impossible to answer. However, if you obtain a discharge of your liability on a mortgage loan, the co-signer would have 100% liability for the remaining balance. If that person is able to make the payments, then no harm would come to their credit record. If the loan gets paid late, goes into default and foreclosure; those derogatory listings would be reflected on that person's credit report and THAT would jeopardize his/her credit.
The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)