A cosigner is a person who applies for a loan with the principal applicant if the principal applicant has not enough credit score or does not qualify for the loan due to many reasons.
For example, if you need to qualify for a loan and you lack a credit score due to your previous financial difficulties, the bank will ask for a guarantee that you will be able to repay the loan payments on time.
The cosigner agrees to be liable for the payment of the loan in case the principal applicant defaults. A cosigner can be any family member or friend with a good credit score and who is willing to take part in the loan application. However, if the principal applicant defaults the credit score of the cosigner can affect negatively.
1. Using Your Personal Financial Plan Sheet 22, compare the
1. Jamie Lee is considering a used vehicle, but cannot
Newlyweds Jamie Lee and Ross have had several milestones in the past
Troy has a credit card that charges 18% on outstanding balances
Nick and Nora are married and have three children in college.
Gene and Dixie, husband and wife (ages 35 and 32
How is the market for a stock created? How do brokerage
Ted Riley owns a 2012 Lexus worth $40,000.
1. What is the benefit to Jamie Lee and Ross investing
Julie wants to open a bank account with $75. Julie
