Moderator
Revelate
Posts: 9,008
Registered: ‎12-30-2011
Re: joint auto loan - possible effect

TrishN wrote:

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 :smileyvery-happy:. 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?

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge