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Revelate
Posts: 9,652
Registered: ‎12-30-2011
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Re: joint auto loan - possible effect


TrishN wrote:

you have to put cosigner to be primary,and you will be cosigner. after 1 year try to get refinance to take the cosigner out, in the eye of lender,they make decision base on primary first,if primary not qualify for loan,they will have to look a cosigner, then if cosigner did not qualify then bye bye :smileyvery-happy:. on credit report. 3 CRA will report both of you guy. So the main thing is just get the Loan approval, thats it


I am confused, why put the planned cosigner as the primary in this case.  By your own analysis what would be the point of it?

 

If the OP can't qualify then the co-signer is used; if that individual doesn't qualify, then they would not have qualified as primary either.  What does the additional hassle and step gain in this instance other than a lot more aggravation and paperwork?

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
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Re: joint auto loan - possible effect

[ Edited ]

1 :This month couple days ago. i cosign for my friend ( he the primary, i the cosigner) they denial then we went to another dealer, i put my name first by accicent. Same Capital one they come back and Approved ! ( what the hell ? ) So maybe the automatic system answer first or they base on primary.

i am a human. so you are. Let me ask you this.

If you are single and look for someone( just like dealer look for a loan)

you see 2 peoples ( 1 pretty and 1 ugly ) If.........the ugly stand right in front the door so do you want to come in? And if the pretty stand right in front of the door. do you want to come in? This just a simple Lender is single people and looking for someone. 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
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yomellamoFICO2013
Posts: 120
Registered: ‎01-22-2013
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Re: joint auto loan - possible effect

I am confused. My goal is get my name somewhere in the loan, so the payment history  reports with the 3 CRA Bureaus, therefore increasing my chances of having my score improved through the life of the loan.

Can you clarify if that's possible on my scenario ?



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Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
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loRe: joint auto loan - possible effect

[ Edited ]
  1. yes. when you guy approved firt loan. they will report to 3 CRA . you see your scores go up by you have a good mixed credit.and after 6 months with good payment, your credit will look much better. I start with 11 co and ca. now 2 co , 1 ca. score before installment report to my CR are 62x. after installment reported to my CR it went up to 67x. I still have 2CO with 0 balance. plus 1 medical CO on my CR. first auto loan, they asked for paystub,  after couple good payments, I financed for second, third and cosign for my friend. no one ask for anything.iam not super, but in a good shape now.
10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013

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