2007-03-04 11:11:53 · 7 answers · asked by gigliogirl1122 1 in Business & Finance ➔ Renting & Real Estate
It affects the loan, not the cosigner
http://index-go.com/improve-credit-score-get-out-of-debts-fast.asp
Good luck !
2007-03-06 01:58:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If one has worse credit then the other it will cause the interest rate to increase. Say, someone with excellent credit could get a rate of 5% but someone with horrible credit may get a rate of 15%. So, then combined you might end up with a interest rate of 10%. Also, is the cosigner needed? Because you may just want to try for the mortage alone if you can. Or wait till the other person fixes their credit. A 5% interest rate or more is a lot of money when you are talking about a house. Also, you may get denied if the cosigner has a credit score below 600.
2007-03-04 11:25:11 · answer #2 · answered by Melanie P 3 · 0⤊ 0⤋
Depending on how bad the cosigners credit it is.. yes it could affect the loan significantly.
If your already doing a subprime loan then it's not that big of a difference.. but if you have someone with excellent credit trying to get A paper pricing, you may have some issues if their credit is below a 600 mid score.
2007-03-04 11:16:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You very possibly could get very poor words if anybody could finance you. no longer in simple terms 19-29% pastime. (Or as low as 12-18% yet it isn't the component) anybody that should approve you could cost you hundreds extra advantageous than the vehicle is properly worth given which you have no longer shown your self with credit. purchase a vehicle for money. Then take out a secured own loan. Borrow $2500 for twelve months, go away the $2500 on deposit, pay month-to-month for twelve months and once you pay the deepest loan off, you have outfitted credit and have been given $2500 in money. additionally get a secured credit card. do no longer finance a vehicle until you have outfitted up solid credit. you frequently additionally choose a minimum of $1500 consistent with month earnings (standard). $2000+ is extra effective. (Or can get a precise credit cosigner)
2016-10-02 09:33:31 · answer #4 · answered by Erika 4 · 0⤊ 0⤋
If the co-signer's credit is bad he or she may not even be able to co-sign. But it can reflect back to the applicant
2007-03-04 11:15:38 · answer #5 · answered by plasma71104 4 · 0⤊ 0⤋
If you have excellent credit you won't need a co-signer
If you require a co-signer, they must have better credit than you.
2007-03-04 11:15:02 · answer #6 · answered by Tiff 5 · 0⤊ 0⤋
Yes it could. The co-signer may not be accepted, or they may raise the interest rates on the signer.
2007-03-04 11:14:37 · answer #7 · answered by cajunrescuemedic 6 · 0⤊ 0⤋