Wiki User
∙ 16y agoIf you pay off an auto loan this will increase your score, but keep in mind that when you pay an installment loan the account will be closed; which decreases your score. So, at the end of this process you will not loose nor gain anything from this. The only thing that you will gain is that fact that you will no longer have to deal with late payments; which decreases your score.
Wiki User
∙ 16y agoThe foreclosure will affect your credit record. You are fully responsible for paying the loan.
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
Yes. It will also improve the co-signer's credit too.
Subsidized loans will affect your credit score negatively if you are not paying them. If you are paying them, they will have a positive effect on your score.
No, most lenders will be looking at your credit before they accept you as a cosigner. They are looking for someone responsible since you are in essence saying that you will be paying the loan if the primary signer can't for any reason--sickness, death, layoff, loss of job etc. It will be your job as a cosigner to follow up and making sure the primary person is making payments...if they are not you will need to. This will affect your credit if you let it go...and it will not be good. It could also last for years affecting both of your credit reports..
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
Yes. It will also improve the co-signer's credit too.
Subsidized loans will affect your credit score negatively if you are not paying them. If you are paying them, they will have a positive effect on your score.
No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.
No, most lenders will be looking at your credit before they accept you as a cosigner. They are looking for someone responsible since you are in essence saying that you will be paying the loan if the primary signer can't for any reason--sickness, death, layoff, loss of job etc. It will be your job as a cosigner to follow up and making sure the primary person is making payments...if they are not you will need to. This will affect your credit if you let it go...and it will not be good. It could also last for years affecting both of your credit reports..
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
If the cosigner has a good credit rating any credit card company would be more than happy to let them cosign. All credit card companies are interested in is getting their money back. The cosigner should always be as sure as possible that the person they are cosigning for is reliable and will pay back any outstanding balance because if they don't the cosigner is 100% responsible in paying that debt back!
yes
a co signer has a right to protect their credit- if you are not paying then legal action can be taken by the co signer
Yes, it would help your credit score.
Getting a home loan with bad credit is hard yet not impossible. Showing you are a responsible in paying off current debt could help. It is best to find a cosigner with good credit to seal the deal.