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Wednesday, May 26, 2010

Loan With Cosigner Denied?

I just applied for a loan with a good credit cosigner and it got denied if my cosigner applies for the loan by herself is there a greater chance she will get it



Loan With Cosigner Denied?

It's very possible, but there are several things that need to be taken into consideration first.



For any loan be it for a home, car, boat, furniture or personal the factors that determine weather a loan gets approved always come down to risk and doe's the person qualify for the loan in the first place.



If your friend applies for the same loan with the same lender that the two of you were turned down for once, it will raise a red flag to the lender and most likely your friend will be turned down again because the lender will know that it's a straw purchase which is illegal.



Loan With Cosigner Denied?

Maybe. but sounds like your credit rating is disasterous so depends on what she tells them the loan is for. and personally i would never ask anyone to do that for me or do it for them either. yoou could suck the other person down with you if you have poor money management history.



Loan With Cosigner Denied?

Yes of course. But that is if her credit is good enough that she can get it in the first place. In other words even if she has good credit, it does not mean that she would have gotten the loan.



Loan With Cosigner Denied?

cosigning is a bad idea. If it's a real friend you would like to keep, they would not do it... and you would not let them.



do they realize that if you can't pay, they are legally required to?



Loan With Cosigner Denied?

Yes, but you need to remember that there is no such thing as a co-signer anymore, that is why most loan applications call it a co-borrower.



Any name on a loan, is equally liable for the payments.



Loan With Cosigner Denied?

The co-signer credit sucks just like yours...no loan



Loan With Cosigner Denied?

yer credit sux!!! hahaha yer out of luck....no deal! hahaha

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