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Co-signing and credit scores
Posted on 1/25/10 at 8:39 pm
Posted on 1/25/10 at 8:39 pm
I'm trying to get my credit score up from no credit to respectable. In my attempt to do this, I got my mom to co-sign with me on some furniture... or so I thought. Turns it, she is the primary person and I co-signed with her.
Does this matter from a credit score standpoint? Will I still get the same credit score bump if I was the primary and she co-signed?
Does this matter from a credit score standpoint? Will I still get the same credit score bump if I was the primary and she co-signed?
Posted on 1/25/10 at 8:49 pm to Ole Miss Sucks
Yes, if it's a joint loan it is reported on your credit as well as her's.
Posted on 1/25/10 at 8:57 pm to Ole Miss Sucks
get her to add you as an authorized user of one of her credit cards
Posted on 1/28/10 at 12:36 pm to Ole Miss Sucks
I heard the cut that loop hole out but maybe not.
Posted on 1/28/10 at 1:03 pm to Ole Miss Sucks
If banks still issue cash secured credit cards as they did before dead people could obtain credit cards with $15k lines I would consider that type card. Put up $500-1500, get the card in your name, your credit record. I would not allow a family member to have authorized use of my credit card, period, nor would I want to co-sign a loan.
Posted on 1/28/10 at 1:32 pm to tirebiter
I have a question that someone may have some insight on...
I would like to purchase a car in the near future. Due to some CC issues in my past my credit score is still not exactly tier 1. (675) However, my wife has great credit and would more than likely qualify for the financing incentive that is currently being offered. Would putting myself on the loan as a co-signer or primary keep us from getting the incentive?
How do the great minds of the TD Money think I should play this?
I would like to purchase a car in the near future. Due to some CC issues in my past my credit score is still not exactly tier 1. (675) However, my wife has great credit and would more than likely qualify for the financing incentive that is currently being offered. Would putting myself on the loan as a co-signer or primary keep us from getting the incentive?
How do the great minds of the TD Money think I should play this?
Posted on 1/28/10 at 1:58 pm to UnTamedTiger
Found this in an article today:
"Finally, you may wonder why we didn't mention the time-honored tactic of piggybacking on someone else's already established good credit as an authorized user or joint account holder. That's because the suits pulled the plug on this strategy after some businesses began using it in nefarious ways."
"Finally, you may wonder why we didn't mention the time-honored tactic of piggybacking on someone else's already established good credit as an authorized user or joint account holder. That's because the suits pulled the plug on this strategy after some businesses began using it in nefarious ways."
Posted on 1/28/10 at 2:49 pm to UnTamedTiger
quote:
. Due to some CC issues in my past my credit score is still not exactly tier 1. (675) However, my wife has great credit and would more than likely qualify for the financing incentive that is currently being offered. Would putting myself on the loan as a co-signer or primary keep us from getting the incentive?
Why not just put the vehicle in her name?
Posted on 1/28/10 at 4:01 pm to Will Cover
I imagine he would like the opportunity to boost his credit rating by adding his name to the debt and getting the financial incentives offered to those w/ better ratings.
In my experience several years back I had my mother act as the primary cosigner on a secured bank loan, and I was informed that there is no difference between the primary signer and the cosigner. On my credit listings it makes no distinguishing remarks as to primary or secondary.
You are both liable for the same debt upon default.
Just speculating from my experience about 5 years ago.
In my experience several years back I had my mother act as the primary cosigner on a secured bank loan, and I was informed that there is no difference between the primary signer and the cosigner. On my credit listings it makes no distinguishing remarks as to primary or secondary.
You are both liable for the same debt upon default.
Just speculating from my experience about 5 years ago.
Posted on 1/28/10 at 11:02 pm to LSUAfro
I see your point. However, being married, does it really make a difference as to who the vehicle is actually registered to / loan given to?
It's a joint venture, but I may be thinking too simplistic here.
It's a joint venture, but I may be thinking too simplistic here.
This post was edited on 1/28/10 at 11:03 pm
Posted on 1/29/10 at 7:07 am to Will Cover
I guess my real question is, Will my lower credit score effect her score adversely, ultimately preventing us from obtaining the financing incentive?
Posted on 1/29/10 at 8:04 am to UnTamedTiger
Your score can in no way do anything to her score.. The only way her score can be hurt by you is if you are both on a loan and you dont pay THAT loan. But your own past credit history cannot affect her score.. Just dont put her as a authorized user on any of your accounts that had any issues before.
If at all try to get the car on your own first. If you both have the car on your credit report it can hurt her in the future if she wants to get a new car and your car isnt paid for.
If at all try to get the car on your own first. If you both have the car on your credit report it can hurt her in the future if she wants to get a new car and your car isnt paid for.
This post was edited on 1/29/10 at 8:08 am
Posted on 1/29/10 at 12:14 pm to UnTamedTiger
quote:
Will my lower credit score effect her score adversely, ultimately preventing us from obtaining the financing incentive?
No
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