Should we apply jointly?

[Anonymous]

My husband and Ia will be applying for an auto loan of around $15,000 in the coming months. He hass credit score of around 700! The only negative thingis one late payment on a student loan 5-6 years ago.  I am a stay at home mom and have a credit score in the low 600s. I have several negative unpaid accounts in collection from several years ago due to an estranged family member. (Three that are about a thousand dollars each.) 

If we applied jointly at a bank or credit union, how would my history affect getting approval or the interest rate? 

[Anonymous]

If he's in the 700's depending on his debt, there would be no reason to go jointly unless you are just looking for some new positive credit history.  Your credit score and negatives could definitely impact the approval and interest rates. 

[Anonymous]

I would have to advise that you do not apply jointly. The negatives on your report could affect the approval and interest rates on the car loan. In the mean time, work on getting your credit report cleaned up and by the time you are ready for another vehicle it could be an option. 

Was there a specific reason you wanted to apply jointly?

[3darcher2]

Have him apply separately..  My wife applied jointly with me as a SAHM and a thin file with 4 small med collections to try to build her credit.  My score was 690.  Instant denial due to her collections, recon failed.  I applied alone a month later.  Approved.

[Shogun]

Seperately will probably get you a better interest rate.