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When a person does not have credit but has a history of paying their bills on time, they can request a letter of credit from companies such as the telephone company. Typically a minimum of a one year period has to be paid on time in order to request this letter.

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Q: What is A years-long record of how well a person pays their bills and is financially responsible?
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Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?

Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy


What does it mean to co-sign for a credit card?

That means you agree to be completely responsible for paying the balance of the account if the primary card holder defaults on the payments. You may not know if the primary card holder is not paying the monthly bill and your credit record will be affected if the payments are late.You should be very careful about co-signing for a credit card and make absolutely sure you understand your liability if the charges are not paid.


What happens if you are a cosigner on a house that is being foreclosed on?

The foreclosure will affect your credit record. You are fully responsible for paying the loan.


Can i sue the ex for using my credit to refinance her mortgage?

The note and mortgage must be signed by the owner of the property. The lender checks the credit record of the person who signs the loan application. If you didn't sign the loan application then you are not responsible for paying the loan and your credit isn't affected.


What if you are a co signer on a house that is in foreclosure?

The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.

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