and they make close to 50k per year, what are their chances of cosigning for someone to get a car
2007-07-08 13:00:00 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Paying OFF debt doesn't help your credit score.
Paying payments on time will raise your score, but it takes time. You need regular payments to base your score on. The score is based on your history, not the amount of debt that u have.
2007-07-08 13:30:44 · answer #1 · answered by CommonCents 4 · 0⤊ 2⤋
You will not be able to co-sign sign. It's good you paid off all of your debt, but they look for the history of paying on time every month. You have to have a high credit score to co-sign anyhow. Keep paying your bills on time every month and that will boost your credit score. You will see your score go up, give it about 6 to 12 months.
2007-07-08 20:07:40 · answer #2 · answered by mizztinaw 1 · 1⤊ 0⤋
Just buy them a car. It saves time. Cosigning means YOU got a loan and THEY got the money. Skip the middleman and give them the money.
2007-07-08 21:50:47 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
It's not a good practice to co-sign anyway. The co-signer is on the hook for any missed payments and the co-signer's credit report will suffer if the co-signer misses the payments as well.
2007-07-08 20:29:41 · answer #4 · answered by fixingupcredit 2 · 0⤊ 0⤋
Hi.
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2007-07-08 20:51:01 · answer #5 · answered by micky b 2 · 0⤊ 1⤋