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Difference in joint application,co-signing,etc.

Regular Contributor

Difference in joint application,co-signing,etc.

My current score is on the 630-640 range and would like to explore a new auto loan. My mother has a score on the 740's. Anybody with a prior experience on getting a joint loan? Does this kind of loan gets reported on my credit report ?
I am hoping to be able to do it this way, so i can save on interest and give my scores a bump, as well as establishing a good payment record.

My plan is to hold this loan for 1 year, then get the auto note refinanced under my name.



CURRENT TLS:

AMAZON $2K/ WALMART $2K /DCU $3K DELTA AMEX $1K
DISCOVER $1.2K/ PAYPALEXT $2K /COSTCOTU $1.2K

UPDATED 8/1
EQ
8/1/13 EQ 694 - (myfico) -
7/26/13 EQ 694 - (DCU)
9/10 EQ 701 - (myfico)

EX
9/8 - EX 707 (usaa/EX)

TU
6/18 TU 690 (myfico)
7/2 TU 694 (Walmart)
8/8 TU 676 (Walmart)
9/6 TU 676 (Walmart)
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2 REPLIES
Valued Contributor

Re: Difference in joint application,co-signing,etc.

Bump
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 2 of 3
New Contributor

Re: Difference in joint application,co-signing,etc.

Yes it will report on both of your credit reports, assuming the finance company does report to the bureaus in the first place.  Sounds like you have a good scenario with your mother cosigning. I would take advantage of the low interest for the first year and send extra money and get into an equity situation.  But if you have high credit card debt ultilization I would send the extra money there instead of towards the auto loan.  

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