topic Re: whose score will banks use? in Auto Loans

whose score will banks use?

Anonymous — Wed, 12 Jun 2013 19:47:29 GMT

Hello everyone,

I am thinking of buying s new car. my credit score is 633( lender pulled), my wife's score around 690 but she doesn't work. Will the bank still use her credit score with my income on a joint application or throw hers out bc she doesn't have her own income?

Re: whose score will banks use?

p- — Wed, 12 Jun 2013 19:56:51 GMT

@Anonymous wrote:
Hello everyone,

I am thinking of buying s new car. my credit score is 633( lender pulled), my wife's score around 690 but she doesn't work. Will the bank still use her credit score with my income on a joint application or throw hers out bc she doesn't have her own income?

A joint app will use both scores, but will also use the monthly obligations for both in the DTI calculation. Make sure you have shopped for your own financing with a credit union before buying so you have a reference point for negotiating with dealer finance.

Re: whose score will banks use?

Anonymous — Wed, 12 Jun 2013 21:09:03 GMT

thanks for replying, dti isn't a problem. Will a credit union even give me a loan with a 633 fico?

Re: whose score will banks use?

p- — Wed, 12 Jun 2013 22:00:52 GMT

@Anonymous wrote:
thanks for replying, dti isn't a problem. Will a credit union even give me a loan with a 633 fico?

They may give both of you a joint loan. Depends on the CU. Worth a try, IMO.

Re: whose score will banks use?

SamsungHDTV — Thu, 13 Jun 2013 02:20:01 GMT

I think a credit union is more likely to give you a loan versus a bank. But also less likely than those crazy places that charge 18% or higher. I'd say try multiple credit unions.