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Need Advice

New Contributor

Need Advice

I bought a 2011 Jeep Wrangler in early 2012. I was still a minor when i bought the car so we had to put it in my parents name. Ive been paying on my car for at least 6 months now without it doing anything to show on my credit. Should i refinance the car and put it in my name or any other suggestions?

Message 1 of 4
3 REPLIES
Valued Contributor

Re: Need Advice

What else do you have in your name in terms of credit? A student credit card maybe?  Putting it in just your name is probably going to be an expensive proposition, but if you have had 6 months with another credit product in your name, it may be worth it to refi and have it be a joint loan with you and your parents.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 2 of 4
Frequent Contributor

Re: Need Advice

I doubt you'll get as good of an interest rate as your parents.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 3 of 4
Valued Contributor

Re: Need Advice

+1 but refinancing joint with your parents will diversify your credit portfolio and help you start to build good credit history.
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 4 of 4