Currently, my fiance's car is in my name because he was unable to get it financed in his due to having a judgement on his CR.
However, this has increased my DTI to much and I'm in the process of trying to buy a house, so I need this out of my name right away !!
I told my fiance to call the Credit Union, which is where we bank and also where we have the car financed to see if they could refinance the vehicle in his name only.
The worse they could say is no, right? So he calls them, they pull his credit and tell him he doesn't have any credit so he'll need a co-signer. His dad is going to co-sign for him .....all is good right?
My question is this .....do banks usually only pull the credit report from one CRA? Meaning, his EQ report does not show the judgement and this is the one they pulled. However, EX does show the judgement.
Is this typical that they only pull a report from one CRA or will the pull the others later and see the judgement?
Me & my fiance has a similar problem. His truck is financed in both our names me being the primary borrower. We financed this way so he could start to build a credit history and score because he never financed anything and always paid cash. With him being on that note he has built a score of 640+ in about 2 years. I wanted to get it refi'd in his name only so I called up my cu manager ( they pull eq also ) and ask what rate he would qualify with if he refi'd in his name only she said 8.75 and .50 discount with auto draft and member reward points applied. We didn't refi at that rate because I had a rate of 5.00 currently and that would have raised the payments. My advice to anyone calling cu for rates, make sure you pull your own cra's and have scores available so the cu don't pull and make a hard inq & lose points.