Hello,
I am trying to get a vehicle for my wife on her name to get a loan account on her file. Here is her profile:
AAoA: 3 years 4 months.
2 accounts:
1 BOA credit card with credit line of 1800$( limit 1800 balance 1500$).
1 authorized user on my CO credit card(limit 750 balance 600)
1 30 day late 1 year ago.
Current score is 640.
I am paying of the 600 balance and about 1700 balance this week to get utilization down to less than 9%. I am not sure how much that will increase her score.
Her salary is 40,000$ annual plus commission which comes to about 1000$ a month after taxes which can be shown on the paystub.
We are looking at a 30,000 car with a down payment of 6000$.
1. What are the chances of approval given that it will be her first car loan?
2. Any tips on how to manage and boost the credit file given that we are looking to buy within the next 2 months.
Thanks and any inputs are appreciated.
