my credit is poor but my co-signer has perfect credit, will my credit affect the approval??
2007-01-31 04:31:36 · 5 answers · asked by tumama 2 in Business & Finance ➔ Credit
Your credit has already been checked or you wouldn't need a co-signer. Your co-signers credit will effect the approval.
2007-01-31 04:38:24 · answer #1 · answered by Eva 5 · 0⤊ 0⤋
they look at both of them but the good news is if you are paying you loan on time and in full every month you will be able to improve your own credit and in a year if your credit is good your co-signer should be able to come off your loan
2007-01-31 13:20:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Both. They've already looked at your credit and determined you needed someone to co-sign for the loan, they look at the co-signer to see if they are fiscally responsible as well.
2007-01-31 12:37:38 · answer #3 · answered by Amy V 4 · 0⤊ 0⤋
No. they look at both credit histoy's. and they will tell you you need a co-signer.but if you defualt on the loan the co-signer is responsible. for the loan . also if you miss a payment they will contact co-signer.
2007-01-31 13:11:39 · answer #4 · answered by ADRIAN45 1 · 0⤊ 0⤋
They look at both. If you have a cosigner with good credit though, it should not be a problem. That's the purpose of a cosigner. They also take the income of both parties into account.
2007-01-31 12:37:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋