Reply
New Visitor
Posts: 2
Registered: ‎06-08-2008
0

score of 590, should i co-borrow?

my daughter's looking into refinancing her car to possibly get a lower interest but she actually has a better score than me, which is about 700 from all three. she's only had her current auto loan with wachovia since march, and she's joined a credit union recently. would i actually hurt her chances of getting approved for a refinance because of my score, or would i make a positive impact instead due to my stable and higher salary?
Valued Contributor
Posts: 1,060
Registered: ‎02-13-2008
0

Re: score of 590, should i co-borrow?

If her scores are over 700 she will qualify for a refi without any problems. Her salary qualified her for the original monthly payment amount and most likely the new refi monthly payment will be less.

A 590 score as a co-signer wouldn't do anything to help.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.