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Credit Cards with a Co-Signer

by Promotions on Aug 12, 2009

      Credit Cards with a Co-Signer    With co-signed credit cards, the co-signer guarantees and is responsible for the debt. This means that the co-signing person is responsible for paying the full amount of the debt if the card holder doesn't pay. In fact, when co-signed debt goes into default, three out of four times co-signers are normally asked to repay what is owed, according to the Federal Trade Commission.   Furthermore, the issuing bank can attempt to settle the debt without first trying to collect from the card holder. The bank can also use the same collection methods against the co-signing individual, including suing and garnishing wages. If the debt is not paid, it can leave a negative mark on the credit history of the co-signer, as well as the card holder.   Despite the risks, a co-signed credit card can be great tool for helping a friend or relative build their...Read More >>



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Getting A Co-Signer For A Bad Credit Car Loan?

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When your credit score is far from good you may find it difficult to get approved for a car loan . Even though car loans are secured loans, people with extremely bad credit (especially those with past bankruptcies) can get declined. If the applicant can provide a co-signer, the lender will also take into consideration the co-signer’s credit score and history and if it qualifies, he will grant the loan. What Does Co-Signing Imply? The co-signer agrees to be constrained by the same responsibilities as the borrower. Thus, if the first signer fails to meet the monthly payments or any...

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