01-30-2013 06:45 PM
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 . 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?
01-31-2013 07:11 AM - edited 01-31-2013 07:12 AM
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.
01-31-2013 08:02 AM
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 ?
01-31-2013 08:25 AM - edited 01-31-2013 08:29 AM
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