Question about using co-signer, I have a 724 Credit score with 1 year history.

[Anonymous]

I have a credit score of 724 but i only have a 1year and a couple months of credit history. (i'm planning to lease a hyundai). I don't earn that much money ,i'm about under 20K/year. I'm currently a college student. My question is my mom has work history and makes well over 60k but she has bad credit around 500+ i don't know the exact number.  Could they use my Credit score but have my mom cosign for income?

[jhtrico1850]

I'm in a sort of similar situation. Have a friend with 2 years of credit, 740/720 CreditKarma, never missed a payment. Has 2 credit cards, and 1 auto loan, $15k 20% on a car worth $12.5k. He has $25k income, I have $60k income, 800 FICO.

I tried to cosign for him with Bank of America and Capital One, and they wouldn't budge. Especially with Bank of America, they said "insufficient credit history" and ignored my 8 years of credit.

[Anonymous]

Your low income will be an issue, it is possible the lenders will consider your mom's income but of course her scores are poor so the only real way to know is to apply, I would try a credit union first.  You should probably consider something used and inexpensive because I assume mom will not be able to help if you get yourself in over your head.  Best to start off with something modest, I have known many people who have messed themselves up by getting in too deep on a new car early in life before they have the income to support them.  Banks will be more likely to loan at decent terms if you buy something within your means.

[Anonymous]

I hope you told your mom about this forum.  

[joedtx]

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@Anonymous wrote:

I have a credit score of 724 but i only have a 1year and a couple months of credit history. (i'm planning to lease a hyundai). I don't earn that much money ,i'm about under 20K/year. I'm currently a college student. My question is my mom has work history and makes well over 60k but she has bad credit around 500+ i don't know the exact number.  Could they use my Credit score but have my mom cosign for income?

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Although you have a great score, i'm assuming with your thin file it still may possible for you to qualify it will depend on the amount of the loan, as far as your co-signer the process looks at them with a similar criteria they are guaranting the loan but if that applicant doesn't meet the approval guidelines technically they cannot qualify for the loan. Hopefully you'll be able to find the right combination of price that will allow you to get a car on your own.....good luck.