my current car is in my father's name, but i have been making the payments coming right out of my checking account for about 3 years now. can I somehow get credit for it as far as showing a bank proof that I am making the payments on it. I know the golden rule of credit is, its its not in your name then you cant get credit for it, but if you can show proof that you are making the payments and its coming right out of the bank where your trying to get some credit from etc....can it help you at all?? having 3 years of payments on time towards a car and you can prove it, whether its in your name or not should be able to help you out somehow in your quest to establish or get some credit
2007-03-13 11:38:45 · 8 answers · asked by jorver98 1 in Business & Finance ➔ Credit
The loan is in his name so he's the one that gets the payment activity on his credit record.
If you ever decide to do this again, have your father co-sign rather than put the entire thing in his name. If it had been a co-sign, then it would have gone on both of your records.
2007-03-13 11:46:19 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
I've been doing the same thing with my car. I dont think that paying establishes your credit though. If you want to establish some credit try getting a secure credit card. I went through Bank of America and after some time I was able to get other credit cards and started establishing my credit that way.
2007-03-13 18:47:43 · answer #2 · answered by Yogi Bean 2 · 0⤊ 0⤋
Getting credit on your credit report, no.
Getting credit for making timely payments when asking someone else for credit, maybe. I was able to get credit for making timely payments on a loan that wasn't in my name when applying for other credit by providing bank statements and cancelled checks showing that I was the one paying it.
2007-03-13 18:55:34 · answer #3 · answered by Brian G 6 · 0⤊ 0⤋
No.
If if the financing is not in your name, or as a co-signer, it will not appear in your credit history. Even though you were making the payments, all the letters and statements in the world to that effect will not help you in establishing a credit history.
2007-03-13 18:49:46 · answer #4 · answered by greymatter 6 · 0⤊ 0⤋
that depends on the lender. if you apply for a loan in your name only and they pull a credit report, it obviously won't show the loan you've been paying on. some lenders will stop right there and tell you to get a cosigner. others might take your bank statements into consideration and approve your loan. either way, i'd look into having your father add you to the current loan so you start getting credit as far as the credit bureaus go.
2007-03-13 19:11:43 · answer #5 · answered by Steve 3 · 0⤊ 0⤋
No, get it changed over to your name. If your name is not on it you get no credit for making payments.
2007-03-13 19:18:21 · answer #6 · answered by dkwkbmn 4 · 0⤊ 0⤋
No. The only way to get credit is to get something in YOUR name. Example: the car gets put in your name w/ your dad as a cosigner.
2007-03-13 18:44:12 · answer #7 · answered by Trish 5 · 0⤊ 0⤋
nope,it's going on his credit report...sure you can prove the payments come from your account but the loan is not in your name
2007-03-13 18:48:02 · answer #8 · answered by charmel5496 6 · 0⤊ 0⤋