Posted on: 26th Mar, 2009 06:43 am
my father is looking to purchase a home for me too live in while attending college...Would they allow me to co-sign having no credit? If I could co-sign would that then make me eligible for an FHA loan?
I don't think it would be in the banks best interest to add you to the loan if you have no credit. It would make the interest rate much higher because you would be considered at a greater risk.I am not saying you don't stand a chance, there is a possiblity depending on the bank.
You really need to start by asking your dady to add you to a credit card or something. Don't give you the card but jut add you to it so you can build up your credit history. If he pay his bills on-time this will quickly build up your credit score. He can remove you at any time.
This is a good thing to do to build credit.
You really need to start by asking your dady to add you to a credit card or something. Don't give you the card but jut add you to it so you can build up your credit history. If he pay his bills on-time this will quickly build up your credit score. He can remove you at any time.
This is a good thing to do to build credit.
Hi olisk8sis,
I agree with Tawana Stegall here. As you do not have a credit score, I doubt whether the lender would let you cosign for the loan. You will have to establish your credit first and then look out for a loan. You can open bank accounts which will help you in establishing credit. Moreover, in order to build your credit, you can also go for departmental store cards. Credit cards are also very helpful in establishing a credit score. However, you should make regular payments on them.
Thanks.
I agree with Tawana Stegall here. As you do not have a credit score, I doubt whether the lender would let you cosign for the loan. You will have to establish your credit first and then look out for a loan. You can open bank accounts which will help you in establishing credit. Moreover, in order to build your credit, you can also go for departmental store cards. Credit cards are also very helpful in establishing a credit score. However, you should make regular payments on them.
Thanks.