08-01-2010 06:02 PM
Mt Fico scores are 683(Equifax), and 673(Transunion) with 3 paid charge offs from 2006, and numerous other negatives including 30, 60, 90, and 120 day lates. I am debt free and my last late payment occured in January, 2008. i currently have a Visa card with a $500.00 limit from my credit union that I have been paying in full for the last 14 months. i am looking to purchase a new car. My wife has offered to cosign for me. She has good credit with mid 700 scores, and a 100k salary. I would like to get the loan in my name only if possible. My question is if I apply for the loan myself and am denied will that count against me if I then re -apply for it jointly with my wife?
08-02-2010 08:53 AM
The only thing that could count against you is the inquiry assuming they opt to pull a new report. Inquiry damage is overrated and under FICO scoring, assuming they use FICO, inquiries pulled within a 14+day time frame are scored as one, so the second wouldn't hurt if you did it right away.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO