My husband has not had the best credit and because of this I am the one who has financed the mortgage, cars, etc. We paid off one of the cars a couple of years ago. Two months ago, I refinanced the house and took cash out to pay off almost all of my debt excluding student loans. My car and all but one credit card was paid off. My scores went up about 50 points. I do have a lot of student loan debt. I am currently in a doctoral program and my debt exceeds 100k. I applied for a car loan with our local credit union but was denied based on excessive debt obligations in relation to income. I am assuming that this is including my student loan debt.
My husband decided to join myFico to see where his scores were. We thought that they would be in the 400-500 range. We were surprised to find out that his Fico8 scores range between 600 and 619. When we pulled the credit report, all but two creditors have dropped off his report. We need to trade in our oldest car and get a new one. What's the best way to go about this? He hasn't had a credit card since about 2005 but his report does say that he has a good, long-term credit history. Obviously he should get a card in his name and start rebuilding credit that way. He applied for Barclays back in November but was denied.
I am wondering if he should apply for CapitalOne auto finance and a credit card with them too. I'd like to get a new car within the next couple of weeks. I didn't think it would be an issue for me to finance it and now we are lookign for other alternatives. Do you think he has a chance with Cap1 auto finance even though he doesn't currently have any credit cards? His Autoscore 8 scoress range from 625-631.
Thanks in advance.
