I co-signed for and auto loan, can i get one myself now? I really need someones help.

[michaels88369]

I did co-sign for my fiancee about 19 months ago. Our interest rate on the loan is 16.78% through Capital One. I am now 21 and need a car of my own.

The payments have never been missed or late at all. My Fico scores as of 02-17-2010 are Eq= 657, Ex= ?, TU= 673. I do have no negative item on my Credit Reports. I am paying off all my credit Card balances within 3-4 months. Then want to try for a $18000 loan before i put the down payment of $3000. My cards and balances as of now are as follows:

Capital One- $889 on a $1000 limit.

Capital One- (authorized user on fiancees card) $250 on a$300 limit.

Capital One Auto loan- $16,862 with a payment of $448.05.

First Premier Bank- $250 on a $350 limit.

Kay Jewelers- $420 on a $2100 limit.

With all of these (except car) paid off or under 10% balance can i get approved? Im sure my fico scores will rise with the balances alot lower than where they stand. Please help. Mod Cut!

Welcome to the forums! 

In the future, please refrain from posting your personal information in the forums, its for your safety and privacy. We do use a "private message" system in the forums, please look at the upper right part of your screen for a little envelop. If its white, you have no new messages, if its yellow, you have a new message(s). Thank you for your understanding!

--fused, myfico moderator

Message Edited by fused on 02-21-2010 03:23 PM

[LIGHTNIN]

A credit report is not the only thing they will look at. Your current income and current debts including the fiancee car.

Also how long you have been at current job.Take a look at Credit Unions, they are the best place to get auto loans.

How many months to go, before the loan is paid off on your fiancee car?  If you fiancee has a good income, she may have to refinance her loan.

That way you will have a better chance at getting a loan. If not, you may have to wait until the current car loan is paid off. 

You're 21 with a great credit report......you are off to a great start!! Keep reading some of the threads on rebuilding,CC and general credit boards.

Try to learn from our mistakes. I can tell you have already been reading, keeping your CC bal under 10% will help your score. Also in case if you lose

your income,10% should not be too hard to pay back.

The best advice I can give you is......Have a emergency fund just in case you get an illness, have an injury or lose a job, with enough $$ to pay your expenses until you find other employment. I just wish someone told me this advise when I was young.

[michaels88369]

Thanks for your advice,.. on the Auto Loan itself we signed a 72 month note. So in saying that we have quite some time left on the car, roughly 52 months left. Can me getting a car be done without her refinancing her car? She makes 32000 a year salary and been there almost 5 years, but has a collection on her CR thats dropped her score alot. So she cant refinance the car into just her name. and were upside down roughly 6K on it. I did just start a new job with red lobster as of Jan 1st. i did work for applebees for 2 years prior to that which i can still go back at any time. I am making great money at my job with $550+ per week. I will switch from BOA to a local CU and after everything is paid and in top notch i will try my luck with them, it cant hurt to bad to atleast walk in with my reports and scores in hand and see what they say.

[Anonymous]

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@michaels88369 wrote:

I did co-sign for my fiancee about 19 months ago. Our interest rate on the loan is 16.78% through Capital One. I am now 21 and need a car of my own.

The payments have never been missed or late at all. My Fico scores as of 02-17-2010 are Eq= 657, Ex= ?, TU= 673. I do have no negative item on my Credit Reports. I am paying off all my credit Card balances within 3-4 months. Then want to try for a $18000 loan before i put the down payment of $3000. My cards and balances as of now are as follows:

Capital One- $889 on a $1000 limit.

Capital One- (authorized user on fiancees card) $250 on a$300 limit.

Capital One Auto loan- $16,862 with a payment of $448.05.

First Premier Bank- $250 on a $350 limit.

Kay Jewelers- $420 on a $2100 limit.

With all of these (except car) paid off or under 10% balance can i get approved? Im sure my fico scores will rise with the balances alot lower than where they stand. Please help. Mod Cut!

Welcome to the forums! 

In the future, please refrain from posting your personal information in the forums, its for your safety and privacy. We do use a "private message" system in the forums, please look at the upper right part of your screen for a little envelop. If its white, you have no new messages, if its yellow, you have a new message(s). Thank you for your understanding!

--fused, myfico moderator

Message Edited by fused on 02-21-2010 03:23 PM

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IMHO, if you payed off some of those CCs to and have one report a small balance to give yourself around 1 to 2% UTIL, that SHOULD pull you in the 700s which would help in the process. 

[michaels88369]

Thanks thats what i will do. Im only 21 years old so 700's are rare for someone my age without help from parents or outside help.

[Anonymous]

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@michaels88369 wrote:
Thanks thats what i will do. Im only 21 years old so 700's are rare for someone my age without help from parents or outside help.

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Not so fast, I'm only 20 years old and have no authorized user accounts from my parents. My TU FICO is 731 and EQ is 712. My scores were around were yours when I first joined this board, after a 3 or so months I bumped into the 700s. 

[michaels88369]

wow very nice, the authorized user account i have is through my fiancee that we both got back in oct of 2007. i think i need to lean the tricks of the trade from you. lol.. What kind of accounts do you have on your CR?

[Anonymous]

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@michaels88369 wrote:
wow very nice, the authorized user account i have is through my fiancee that we both got back in oct of 2007. i think i need to lean the tricks of the trade from you. lol.. What kind of accounts do you have on your CR?

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There isnt many tricks, just keep low UTIL, you have no late payments, so your good one that. Your scores are lower because you have to high of UTIL. Once all those CCs are paid off, then have one report with a small balance so your overall UTIL is under 9%. 

I have 5 CCs and one auto loan (but installment loans have very little impact on your FICO) 

Message Edited by Kylan1234 on 02-23-2010 01:38 PM

[michaels88369]

oh i see. ok i will try that asap. overall with my scores after i pay the cc balances below an overall 9% util could/would i be approved for the car loan? My fiancee has paid all of the payments for the 19 months we have had the car, do you think if i showed the bank that she makes 32000 a year and has made all paments they wont hold the car against me, and let me get a $250 auto payment myself?

[Anonymous]

The best advice I can give for this situation would be to live within in your means.  I would chop away all of your credit card debt ASAP before looking into a new car.  If you don't get rid of it while you have the chance, it'll hang around with you for many years to come. 

You mentioned the jobs you're involved in, they will most likely want to see your paychecks / tax papers (if you get tipped).  This is the "salary" type amount they will base their decision off of (possibly). 

Do you need a car with the price tag of 18k?  Is it possible to get a used car for cheaper?  With your limited credit history, you don't want to set yourself up for possible hardships down the road with a weekly pay going toward your car + insurance payment.