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Valued Member
Posts: 40
Registered: ‎05-28-2008
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Calculated Scores

Does anyone know how scores are calculated for joint auto loans? Do they average the two scores together. I guess what I'm asking is how do they come up with an APR when two people are applying for a loan?
Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
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Re: Calculated Scores



onmyway80 wrote:
Does anyone know how scores are calculated for joint auto loans? Do they average the two scores together. I guess what I'm asking is how do they come up with an APR when two people are applying for a loan?





Interesting question, I dunno because my name has been the only name on the paperwork for every car that I have bought. Same with credit cards and suchlike, my wife and I have those as individuals. We are both on the paperwork for our home purchase and mortgage, of course. With mortgages, I do know, they pull all three scores for each co-borrower, then take the middle of the three for whichever person has the lower scores. But I believe some auto lenders will only pull from a single reporting agency, and I dunno whether they follow the same rule of going by whoever has the lower scores.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Valued Member
Posts: 40
Registered: ‎05-28-2008
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Re: Calculated Scores

Does anyone else know?
Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
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Re: Calculated Scores

credit is usually based upon the primary applicants credit.  At least that was the case when we needed a cosignera few years ago.  by having our co-signer sign first, we got 6.9 % interest instead of 11% with my wife 1st.  I assume the same with CC as well.  With mortgages, they use the lowest of the people's midscores.

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