0
Co signed for a car for your grandson and he is not paying If you stop making payments will your credit be affected?
Doloresmorgan
Yes. When you co-signed the loan you made yourself legally responsible to pay the amount due if your grandson failed to make the payments. You are as responsible as he is for paying the loan.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
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 you cosign for a student loan does it show up on your credit report before or after the student starts making payments?
It shows on your credit report even before they start making payments.
How is your credit affected if you miss a one month payment of your car loan and what will be its affect on the mortgage loan?
If you already have a mortgage, no effect. If not, and you have made up the payment,and all other credit payments are ok, and you qualify in all other respects, not much of an effect. But if you have credit cards and are making payments, their interest rates may go up dramatically.
How do you get into credit card debt?
By using them & only making the minimum payments.
Can a person be jailed for not making credit card payments?
No. They can't put you in jail.
How can personal responsibility affect your credit report?
Creditors will often take into account how responsible a person is in making payments on their loans and credit cards.Making payments on time, keeping your credit utilization low and establishing a solid payment history are some actions that can have a positive impact on your score.
How do you esablish credit?
Start off first by getting a Sears, Target, Circuit City or similar in-store credit card. After making purchases and payments on that for six months, you should become eligible for small limit credit cards. Keep making purchases and payments on all credit and shortly you will have established a ground credit. DO NOT GO OVER LIMITS, MISS PAYMENTS, OR INQUIRE INTO TOO MANY CREDIT ACCOUNTS.
What happens to my credit score after a loan modification?
My credit score is 606 at the moment,i just have my loan mod done and final. I'm making my payments ahead of time,How much my credit score can go up within a year of making payments on time. Thank you for your answer.
What are the consequences of not making car payments?
If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.
Can medical bills effect your credit while making payments on them?
Yes, this is only reported on your credit report if it is a collection account.
Why if I am paying monthly payments on medical bills are they on my credit report?
If the bills were overdue and you are making payments as the result of being 'dunned,' and the bills are not yet paid in full, it will reflect on your credit report.
Can making car payments in the grace period every month hurt your credit?
No, it won't hurt your credit. In fact it will improve your score.
