I have a credit score of 555 and my wife has a very good credit score. I make over $70K per year and now I need a new car for my work. The last car I bought I paid for in cash because of my credit score. All of my credit issues happened in College 5-7 years ago but is still haunting me. If my wife's crediit score is over 720, and she co-signs do I get the interest rate based on her score or an average of both of ours? Any help is appreciated before I submit fo a loan application with my credit union.
2006-07-30 10:09:41 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
I had a civil judgement 5 years ago, and that is why my score is low, as well as the collection accounts from 2 credit card from 6 years ago as well.
2006-07-30 10:22:12 · update #1
Something doesn't make sense. If you have been a good payer for the past 5 years and you make $70 k, there is absolutely no reason for you to have a 555 FICO score. This would imply you have multiple accounts in collection, recent charge-offs, etc.
Have you or the car dealer run a credit score lately? Maybe your score is higher than you think.
If your wife's score is much higher than yours, having her as the primary borrower on the loan will help. Alternatively, you may want the car in her name only.
2006-07-30 10:15:55 · answer #1 · answered by Stephen B 3 · 0⤊ 1⤋
With your income, no sweat you can get a car loan. Try capital one pre-approved car loans where you apply on line and take the offer in to a dealer, www.capitalone.com
Try Arrigo Dodge in West Palm Beach, Fl. Ask for Jim or John Arrigo, sell you a dodge, chrysler, jeep, chevy.
2006-07-30 10:48:23 · answer #2 · answered by The Advocate 4 · 0⤊ 0⤋
Talk to your bank or credit union to see what the best way to handle this would be. If might be better to put the car loan only in her name, rather than a joint account. Go in and talk to a representative of the credit union, they can help you.
2006-07-30 10:14:21 · answer #3 · answered by fire4511 7 · 0⤊ 0⤋
Basically, you will qualify for a loan with your wife as the co-signer. Thats good news. The intrest rate isn't going to be based soley on her credit you are on the loan to. Banks base intrest rates on risk you are are going to increase the risk for the bank therefore they are going to need to increase the rate to compensate for the added risk ( because ur a bustout, aka rat, welch, degenerate, a get me done, etc.....) I hope that helps you out ! BUST OUT !!!
2006-07-30 15:31:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I think you can get it, You will need to give a huge down payment and probably the interest rate would be pretty high. But if you make payments on time that would help you to re build your credit.
2006-07-30 10:13:44 · answer #5 · answered by divacobian 4 · 0⤊ 0⤋
You will find very useful this site for finding the best option for you CREDIT-SOLUTIONS.INFO
2014-05-14 08:37:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋