Married for just 3 weeks and wife totaled her car. now we are car shopping. my credit score is not so good but hers is very high. will i hurt her in the rate we get or with hers being high will i just cancel it out more or less?
2007-03-09 04:54:34 · 6 answers · asked by J and C 1 in Business & Finance ➔ Credit
Your credit score shouldn't have anything to do with your wife's score. If her score is good, there is no reason to have you co-sign, especially if your score is worse than her's. As long as she is purchasing the car herself, your credit rating shouldn't have anything to do with her interest rates. If the both of you are buying the car, the best thing would be YOU purchase the car under your name, and have her co-sign. You really couldn't be a co-signer with a bad credit score.
2007-03-09 05:05:13 · answer #1 · answered by Cherry_Fire 3 · 0⤊ 0⤋
I didn't think your score would matter much, but after reading these other answers, I'm not so sure. My husband doesn't have very good good (at least he didn't when we got together) and no mentioned anything about his credit score hurting the rate we got. There were cases when they put my name first so we could get a lower interest rate and by setting it jointly, he's gone from the low 600's to high 600's.
Talk to the car dealers and the banks and see what they have to say. If you're going for an older car (like we did), it may not make much of a difference, if any.
2007-03-09 15:19:54 · answer #2 · answered by reandsmom77 6 · 0⤊ 0⤋
You won't cancel it out. No matter how high a score she has, adding a cosigner with a lower score DOES up the rate.
Just have her get it with her own credit and keep the rate low.
2007-03-09 13:06:09 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Your low score will increase the rate you pay if you apply for joint credit. Why don't you just let your wife purchase the car since it's for her anyway? That way the rate will be the best she qualifies for.
2007-03-09 13:47:42 · answer #4 · answered by ? 7 · 0⤊ 0⤋
Most banks score off the first person. The dealership will know how to structure the deal. They will either put your wife first on the loan or leave you off completely. They'll know what banks want and how to bamboozle them to get the best rate. Just be up front with the dealership and tell them your situation.
2007-03-09 14:11:10 · answer #5 · answered by URADA 2 · 1⤊ 0⤋
if u are on the less together yes, but if she gets it by herself no. and then u can just give her the money to help with the bill.
2007-03-09 13:54:48 · answer #6 · answered by shorty21 5 · 0⤊ 0⤋