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Started By
Message
Credit Pros-Refi Car out of my name or just leave it?
Posted on 1/8/18 at 11:41 am
Posted on 1/8/18 at 11:41 am
We purchased a vehicle for my wife in July. Both of our names are on the loan, which wasn't really necessary, her credit is fine. It was more so that I could handle it all and just have her sign.
Am I missing something in thinking that refinancing should help me out in terms of debt to income? We're talking about a 28K balance. My credit is 804 right now but has come down 32 points since adding that vehicle.
Its not a total necessity, but I'd just like to have everything as clean and optimal as possible. Considering a HELOC this year to purchase real estate.
Am I missing something in thinking that refinancing should help me out in terms of debt to income? We're talking about a 28K balance. My credit is 804 right now but has come down 32 points since adding that vehicle.
Its not a total necessity, but I'd just like to have everything as clean and optimal as possible. Considering a HELOC this year to purchase real estate.
This post was edited on 1/8/18 at 11:42 am
4
Posted on 1/8/18 at 11:49 am to AUjim
Brah. Nobody is gonna bat an eye at that shot with an 804 and it will prob go up a few more points before your real estate purchase.
Posted on 1/8/18 at 11:51 am to LZ83
quote:
Nobody is gonna bat an eye at that shot with an 804 and it will prob go up a few more points before your real estate purchase.
But it does ding his DTI
Posted on 1/8/18 at 11:56 am to stout
I understand. But with an 804 i doubt 28k is gonna matter that much. I? could be wrong.
And if you refinance won’t it effect your credit also as not being est. finance.
And if you refinance won’t it effect your credit also as not being est. finance.
This post was edited on 1/8/18 at 11:57 am
Posted on 1/8/18 at 12:03 pm to AUjim
Does your wife have income that supports repayment? if so, maybe. If not, no.
Posted on 1/8/18 at 12:04 pm to LZ83
It's hard to say without knowing his DTI before and after that vehicle but yes it could affect his borrowing power.
He would be refinancing it out of his name solely into hers. Not sure how that would hurt him.
quote:
And if you refinance won’t it effect your credit also as not being est. finance.
He would be refinancing it out of his name solely into hers. Not sure how that would hurt him.
Posted on 1/8/18 at 12:05 pm to stout
He only had it in his name for a few months
Posted on 1/8/18 at 12:10 pm to Socrates Johnson
Her income will support repayment.
Posted on 1/8/18 at 12:36 pm to AUjim
If it were me, i wouldn’t move anything.
Posted on 1/9/18 at 9:03 am to AUjim
It might just be dinging you because it is relatively new account. If you at buying real estate and getting a loan for that I'm going to assume it is with your wife and they will likely pull both CBs anyway.
I've pretty much bought every automobile, boat, etc. we've ever owned in my name only and it hasn't hurt my ability to obtain credit at all.
I've pretty much bought every automobile, boat, etc. we've ever owned in my name only and it hasn't hurt my ability to obtain credit at all.
Posted on 1/9/18 at 9:50 am to stout
quote:
But it does ding his DTI
Credit scores don't factor in income level.
Now a mortgage lender will, which I assume is what you are referring to.
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