Yes. It will be reported on their credit records.
Yes. It will be reported on their credit records.
Yes. It will be reported on their credit records.
Yes. It will be reported on their credit records.
Yes. It will be reported on their credit records.
The primary signer's credit will not be affected by the bankruptcy of the co-signer (as long as pmts are made on time). However, if the loan is relatively new, the lender may require the primary borrower to sign new papers providing a different co-signer.
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.
They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.
A co-signer is equally responsible for any debt, so whatever negotiation si reached will bind the co-signer as well. Initially, the bad credit is reported only to the primary on the account, but if the co-signer cannot step in and make th payments, his credit history can also be affected. NEVER be a co-signer.
Find a co-signer with good credit. The whole point of having a co-signer is that their credit history is good enough to cover whatever gaps you have (no credit, poor credit, etc.) No one will grant a loan with a bad co-signer.
You may be able to get a student bank account with bad credit if you have a co signer. Most student bank accounts require a co signer anyway.
yes
The only way one with bad credit get a loan from a bank is to use a co-signer who has a stronger credit profile.
absolutely, even if you are of age of majority with bad credit, you will still need a co-signer.
Even with bad credit you can get financing. However, bad credit will require a larger down payment and perhaps even a co-signer with better credit.
A co-signor is a person who signs a loan or credit agreement alongside the primary borrower, agreeing to be equally responsible for repaying the debt. If the primary borrower fails to make payments, the co-signor is legally obligated to do so. Co-signors are often required when the primary borrower has a limited credit history or low credit score.
Not likely.