my father co signed on my car loan and i make the payments. I am not sure if both are names are on the title. My coworker said that i may not be building credit because the car could be in his name. But i checked my credit and the car loan shows up, so does this mean i am def building credit?
2007-07-24 05:08:10 · 5 answers · asked by Acer1014 1 in Cars & Transportation ➔ Buying & Selling
well it can still be in his name and you can be the co signer. that is what i did with my dad. and i was trying to get some stuff on credit and i was not able to get any credit. so i taked to my buddy who is a banker and he told me to have my dad add me on to one of his credit cards that he keeps that he has had no problems with and he has had for a long time. just as a co singer on the card. but not to use it. that will extend the time that the credit companies see you have had! it worked wonders for me. and now i am able to get the stuff i need on credit!!!!! just be careful and pay everyting on time and it is always better if you pay over the amount due, the credit companies will love you and your credit score will go up!
2007-07-24 05:22:12 · answer #1 · answered by Mantacore 3 · 0⤊ 0⤋
If your credit is showing you have the car and payments are being made and listed with a 0 past due column. Your building credit and/or maintain credit. If the payments are not made then both of you receive past dues and credit goes down.
2007-07-24 12:12:51 · answer #2 · answered by lees68 1 · 0⤊ 0⤋
Yes. That's how it works. So, good or bad, you are establishing a credit record. After about 13 months you can acquire credit without a co signer.
2007-07-24 12:21:56 · answer #3 · answered by Dogbettor 5 · 0⤊ 0⤋
yes it doese provided you stay current and don't miss any payments.
2007-07-24 12:11:18 · answer #4 · answered by Jay P 7 · 0⤊ 0⤋
YES AND GOOD JOB.
2007-07-28 10:10:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋