callmeguy
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Question: If I apply for a loan with a cosigner, the loan still gets put on my credit and not the cosigners, right? Or does it go on both persons credit?
I'm assuming if I get a loan from the bank with a cosigner, the loan is on my credit, in my name, ect. So if I miss a payment it only goes on my credit, not the cosigners credit - right? [/b]
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Thu Jun 01, 2006 4:59 pm |
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callmeguy
New Member
Cash: $ 0.70
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What if I cosign a loan, and then want to take out my own loan? Will my cosign effect my chances at getting my own loan?
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Thu Jun 01, 2006 6:04 pm |
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kevin
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If you have a co-signer on the loan, the the mortgage rating will show up on their credit as well as yours. Any positive or negative effect on the mortgage will effect BOTH of your credit scores. Depending on the credit score, you may not need a co-signer. First time buyers usually need a credit score of 580 for 100% financing.
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Fri Jun 02, 2006 1:55 am |
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JCook
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If you need a co-signer for a loan, you shouldn't be getting the loan. Even the lending institution thinks that you are a risk.
Do not put the co-signer in this position.
John
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Mon Jun 05, 2006 2:37 am |
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Rolo
Yo' Daddy
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Location: Colorado/Florida
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quote:
Originally posted by callmeguy
Question: If I apply for a loan with a cosigner, the loan still gets put on my credit and not the cosigners, right?
I'm assuming if I get a loan from the bank with a cosigner, the loan is on my credit, in my name, ect. So if I miss a payment it only goes on my credit, not the cosigners credit - right?
Wrong. Think of it as a joint account, because it is.
quote:
Originally posted by JCook
If you need a co-signer for a loan, you shouldn't be getting the loan.
I don't agree. Blanket statements rarely apply in all instances.
quote:
Originally posted by JCook
Even the lending institution thinks that you are a risk.
The lending institution thinks he is a risk, but he very well may not be. You are assuming the lending institution is right in this instance.
quote:
Originally posted by JCook
Do not put the co-signer in this position.
The co-signer is putting himself in his position.
I must say, it appears you see debt emotionally and, consequently, irrationally. Try to detach yourself from the emotions that you learned and only observe the numbers.
"Expect me when you see me."
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Tue Jun 06, 2006 2:29 am |
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JCook
Full Member
Cash: $ 11.20
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I appreciate you recommendations you have given me but I choose not to take your advice.
Just looking at the numbers has put many people in over their heads. The numbers can look good until one of those unexpected things in life happens and then those numbers aren't very appealing.
My personal experience and research has taught me that the less debt I have the better off I am.
A cosigned loan is not a joint account in my opinion. I consider a joint loan to be when both parties want the loan, not when one party wants the loan and has to have the other party to get it.
Blanket statements can be wrong but what do we do when given limited information.
I am not irrational, I am debt free except for a home mortgage for the first time in 20 years and thus more of my money is gaining interest instead of paying out interest. Interest is a great thing when you are earning it instead of paying it. Now those are some numbers I like the looks of.
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Wed Jun 07, 2006 2:18 am |
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