I had to have my dad co-sign for my car loan a couple of years ago. I didn't have bad credit at the time, it was just that I didn't really have a credit history so they required a co-signer. I have never been late on a payment and often pay more then the minimum. Is it worthwhile to see if my bank will remove my Dad as the co-signer in the interest of improving my credit score?
2007-02-13 07:17:07 · 7 answers · asked by RcknRllr 4 in Business & Finance ➔ Credit
Removing your Dad will not improve your credit score. The only benefit of removing your Dad would be to him because it would be less debt in his name. If you have never been late on any payments your scores should be fine. Having an installment loan for the car helps provide a history. You should also try to obtain a revolving debt such as a credit card and keep a clean payment history as well.
2007-02-13 07:26:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
"Brother different" is nice. Your FICO score is going up even as the ratio of credit accessible to credit used is going up. notwithstanding, to boot to what else is revealed, your credit status is laid low with the same old length of time charge playing cards are held. This penalizes those who change playing cards in additional than a number of circumstances to get the introductory price, then cancel the cardboard even as the speed is about to pass up and get yet another card. in view that credit historic previous is an major component too, the perfect frame of mind is not in any respect be late in paying and safeguard older playing cards.
2016-11-27 20:45:42 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Finish off the loan, apply for a credit card now
Bank of America
Capital One
Amex
2007-02-13 07:19:54 · answer #3 · answered by god knows and sees else Yahoo 6 · 0⤊ 1⤋
While taking a decision on your loan approval, your lender will determine your credit score. The most common scoring method used is FICO scores. These ratings are usually used for determining your eligibility for mortgages.
2007-02-14 17:30:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
having a cosigner doesn't really effect your score as much as it effects the cosigners score. . . pay off your loan and get a credit card and only charge what you can pay off at the end of the month. . . always pay your bills on time . .
2007-02-13 07:36:06 · answer #5 · answered by Rainy 5 · 0⤊ 0⤋
You could ask your banker if it would help you, but making your payments on time and paying more like you've been doing will probably help you more than anything.
2007-02-13 07:21:23 · answer #6 · answered by SouthernStar 2 · 0⤊ 0⤋
definetly try that
it will be very good for you
get a credit card in your name too
only use it when you actually have the money to pay it off
2007-02-13 07:19:33 · answer #7 · answered by Anonymous · 0⤊ 1⤋