Co-signing and credit scores

Yes, if it's a joint loan it is reported on your credit as well as her's.

I heard the cut that loop hole out but maybe not.

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?

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."

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.

I guess my real question is, Will my lower credit score effect her score adversely, ultimately preventing us from obtaining the financing incentive?

quote:

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Will my lower credit score effect her score adversely, ultimately preventing us from obtaining the financing incentive?

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No