Sentences with phrase «cosigner has a good credit score»

«The biggest reason for cosigning is to help people get approved for a loan they don't qualify for on their own,» says Devin Hughes, director of business development at LendKey, «or to achieve a lower rate if the cosigner has a better credit score or financial history.»

Not exact matches

To qualify at LendingClub, we recommend your cosigner have good annual income, a good credit score, little non-mortgage debt and lengthy credit history.

Because of the risk that comes with having bad credit scores, finding a cosigner to help you the loan and get the cash you need is probably your best bet.

If you have steady income, a reasonable debt - to - income ratio, and a good credit score (mid 600s or higher) a cosigner may not be necessary.

Good cosigners have a high credit score to balance out the poor rating of the primary borrower.

You have to have a good to excellent credit score to obtain a private consolidation loan without a cosigner.

If you don't have a credit score yet or your credit history is too short to be eligible, your best bet is borrowing with a cosigner.

To get the best rates, and maybe not have the need for a cosigner, a student needs to have a high credit score and income.

Also people who don't have the best credit scores may need to have a cosigner to get a better interest rate than they could qualify for on their own.

Some lenders will reduce the interest rate by as much as 0.50 percent even if the cosigner does not have a better credit score, since having two people responsible for repaying the loan instead of just one reduces the risk that the loan will become delinquent or go into default.»

«Even if the borrower could qualify for the loan without a cosigner, adding a cosigner might enable the borrower to get a better interest rate if the cosigner has a higher credit score than the borrower,» says David Levy, author and editor of Edvisors Network, a news and information hub about planning and paying for college.

Oftentimes, this can be offset by the addition of a cosigner who has a good deal of credit history, a good credit score, and a low debt - to - income ratio.

Second, if you have a good credit score and can afford your payments, but had to take on a cosigner when you initially look out your loans, refinancing your loan could possibly allow your cosigner to be released from the original loan.

The only thing to keep in mind when choosing a cosigner is that they must have a good credit score in order for them to help you out.

In general, cosigners will need to make at least $ 25,000 annually and have good credit (above 680 FICO score).

There are also other companies that offer private student loans without cosigners, such as alternative underwriting criteria that allow you to qualify for a loan if you have good grades and are planning to go into certain fields rather than just based on your credit score.