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Only installment a co signer

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guykara
Frequent Contributor

Only installment a co signer

Hi all,

 

I'm a co signer on my only installment account (Car, 11k/22k, no missed payments). Would I see any benefits of taking out a secured loan?

 

Thanks!



Starting Scores (10/18/2013): EX: 603 | EQ: 572 | TU: 659
5/05/2014 EX: 628 | EQ: 627 | TU: 623
5/25/2014: EX: 628 | EQ: 635 | TU: 623
Current Scores: EX: 670 | EQ: 663 | TU: 681
Goal Scores: 680 across the board


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Message 1 of 4
3 REPLIES 3
guykara
Frequent Contributor

Re: Only installment a co signer

And to follow up, would this be a bad idea if I'm looking to get pre-approval for a mortgage in September / October 2014, and looking to close in February / March of 2015.

 

Thanks!!



Starting Scores (10/18/2013): EX: 603 | EQ: 572 | TU: 659
5/05/2014 EX: 628 | EQ: 627 | TU: 623
5/25/2014: EX: 628 | EQ: 635 | TU: 623
Current Scores: EX: 670 | EQ: 663 | TU: 681
Goal Scores: 680 across the board


Take the myFICO Fitness Challenge
Message 2 of 4
gdale6
Moderator Emeritus

Re: Only installment a co signer


@guykara wrote:

Hi all,

 

I'm a co signer on my only installment account (Car, 11k/22k, no missed payments). Would I see any benefits of taking out a secured loan?

 

Thanks!


IMO no, you get very little bang for the buck with installment loans and I would not do it at this time anyway since you are going for a pre app home loan in Fall, you really dont want any new TLs 6 months prior to the mortgage pull.

Message 3 of 4
guykara
Frequent Contributor

Re: Only installment a co signer

Ok thanks a lot, I won't do anything between now and then other than GW's, pay down util, and garden.

 

Thanks!



Starting Scores (10/18/2013): EX: 603 | EQ: 572 | TU: 659
5/05/2014 EX: 628 | EQ: 627 | TU: 623
5/25/2014: EX: 628 | EQ: 635 | TU: 623
Current Scores: EX: 670 | EQ: 663 | TU: 681
Goal Scores: 680 across the board


Take the myFICO Fitness Challenge
Message 4 of 4
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