Quote:
Originally Posted by Seeker
Co-Signer means == Daughter's account (owner) and Mom will support any debts (or try to) if Daughter cannot pay (co-signer). Another person from the lender's perspective to go to. But the account is the daughter's. Mom cannot add charges to it in any manner.... no matter Mom's financial situation.
If anyone in college submitted a CC application and had to get their folks signature and did so, and got credit.... then those folks would be supporting son/daugter -- they'd be co-signers. Their son/daughter would be owner.
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I understand that the cosigner can't add to the debt. What I'm wondering is if the cosigner's credit rating affects things. Isn't the whole point of a cosigner to grant the credit based on their rating since the actual applicant doesn't have a sufficient credit history to get the card on their own? If the cosigner's FICO drops, would that affect the account, raise the interest rate, lower the limit, etc?