topic Re: Adding my name to auto loan in Auto Loans

Adding my name to auto loan

Anonymous — Tue, 26 Jan 2010 17:34:17 GMT

Greetings,

I'm hoping to get some advice on how an auto loan will impact my credit rating. My husband and I purchased a $30,000 vehicle in 2004. The loan will be paid off this August. The loan is in my husband's name. However, we have filed for divorce which will be finalized in February. When he contacted the bank to add my name they said they couldn't do this until the divorce was final in February. What I'm wondering is how it will impact my credit score to have the loan in my name for the final months (Feb-Aug), if it is worthwhile to get it onto my credit report, and if it would be better or worse on my score if I paid it off early.

Any advice would be greatly appreciated as I'm a novice at credit. My score is currently at 590 and if this would help bring it up I could really use it, especially considering I'm the one that has paid this loan.

Thanks,

Rose

Re: Adding my name to auto loan

Creditaddict — Thu, 28 Jan 2010 21:44:34 GMT

so they are refinancing the loan into your name?

if you don't have any loans like that it might help you and if your going to pay it off early but want the most score boost, you need to keep it at least 6 months.

Re: Adding my name to auto loan

Anonymous — Tue, 02 Feb 2010 17:04:17 GMT

We wouldn't be refinancing. I have received the car in our divorce settlement, even though I have always been the one to make payments it has always been in his name. They would remove his name and add mine. Would that affect my score? If I did it at the end of this month (Feb) and I didn't pay off early that would mean it would be in my name for six-months (March - August). Is that worthwhile? I don't have any loans in my credit history, only credit cards.