Car Loan question

[dallas01]

Hello all, I've been reading the forums for a while now and just signed up for the score watch.

Anyway my question if anyone knows is My father in law purchased a new vehicle for me on his credit 2 years ago. I've made every payment on time and it kills me that I can't get credit for it. Is there any way I can get added to his account on a car loan? I know that you can do it with a credit card I'm just not real sure about a car loan.

Thanks in advance for any help anyone can give. Right now I have a 518 credit score with everything on my report being over 2 years old. 7 negatives for a total of 7,000. I just opened 2 small high risk credit cards that I'll just pay the fees to keep my credit going.

Thanks.

[Anonymous]

You'll pay through the nose to refi the car to pay off father in law.  That being sai, sometimes paying through the nose is the only way to reestablilsh credit history.

[yoreljm]

You should think about taking care of those negative items first! Then you could try to get a better loan to refinance the car.

[dallas01]

I could pay off the negatives but my score would still be the same. I would rather use the money to put down. Out of my 7 negatives 3 should come off by disputing.

Nissan is sending me a credit application and said they would put me as the buyer and my father in law as the co signer.

Would this still give me a bad rate if he has perfect credit? I know that a co-signer for a house with  perfect credit  will get you alot better rate than just bad credit.

And also my score should go up I was just added as a AU for a BOA card thats been going for about 2 years with a 11,000 limit.

 

Message Edited by dallas01 on 04-05-2007 07:26 AM