Credit rating of cosigner, or current debt of prior cosigner,-does it show up when the car buyer, who has now paid off car, applies for credit for home loan or other credit or loan?
2007-11-10 02:28:03 · 6 answers · asked by Rosanne R 1 in Business & Finance ➔ Credit
The only thing that will show is the pay history on the loan. If it was paid as agreed then there will be no problem, if on the other hand if it was paid late or not at all, this will reflect on both signers credit report.
As far as current debt of the co-signer, unless you are on those loans also, this will not affect you at all.
2007-11-10 02:33:39 · answer #1 · answered by ? 7 · 3⤊ 0⤋
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2016-09-26 21:50:30 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yes, if paid as agreed it will help your credit score. Current debt will hurt your debt to income ratio. If you plan to buy yourself a home don't cosign for someone else of you may not have enough income to pay that loan and a mortgage..
2007-11-10 02:33:42 · answer #3 · answered by shipwreck 7 · 0⤊ 1⤋
If you already have a car, keep driving it and forget about getting a different one. You need to repair your credit, that takes time. Asking someone to co-sign is such a horrible idea, for them - not so much for you. They should refuse to co-sign since you have such a bad credit history. This is not the time for you to buy a different car. With your credit you will never get a reasonable interest rate.
2016-05-29 01:54:40 · answer #4 · answered by ? 3 · 0⤊ 0⤋
If it was paid off and it was paid as agreed it does show on the credit bureau but because it has been paid off it will not impair the borrowing ability.
2007-11-10 02:58:58 · answer #5 · answered by Jake 3 · 0⤊ 0⤋
The other person's credit, good or bad, will not show up unless you have them on your new loan for the house or whatever you apply for. If they are not a co-applicant, they don't exist.
2007-11-10 02:41:21 · answer #6 · answered by teri 3 · 0⤊ 1⤋