osofast1 wrote:
I have a question, I wanted to get a faster response so I posted it here.
I have 2 car loan notes, my income is fine for it of course. But My dad wants me to co sign for him to get a car, his credit is not that bad its about 615, he has a HUGE history, and many buisness's so thats why his score is down. but to get a better intrest rate I was going to co-sign.. will this help him any.
my scores are all around 730-740 do they go by my income or both joint?
will my loans have an effect? or not or does it matter how many loans I have
IMveryveryHO, I think it's a bad idea to cosign for anyone. Bad things seem to happen too often. But since you asked ...
I don't know what's in your dad's credit file, but having a lot of businesses doesn't automatically lower the score. His score depends on whether he pays his bills on time and how much he owes. See the Scoring 101 thread:
Because your score is higher, it would probably help him get the loan and possibly on better terms. They would look at both your and your dad's income and job history.
The bank will certainly consider how many loans you have. With two car loans, they may think you are already overextended. If you cosign, it will be another loan on your record, even if your dad pays it. Further down the road, you may have trouble getting credit for yourself (mortgage, etc.) if you have 3 car loans, particularly if dad hasn't paid his on time. [I don't know your dad and I don't mean any disrespect.]
Good luck, and let us know what you decide to do!
