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Co-Applicant

CreditExpressNJ
Established Contributor

Co-Applicant

Ok so i had a question i was wondering so i co-signed for my mother on her car loan i wanted to know is it possible to be removed as a co-applicant without her paying off the full balance because overall she is responsible for it i just wanted to be added for the extra TL but what i did not keep in mind is how high it would make my DTI sky rocket... because i already have a car financed under my name and with hers it sends it over the top... so i overall would like to be removed so the TL can be removed from my credit report...

 

Is this possible? the Finance company is Honda Financial

CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX | Discharged (5/31/17) - 538 EQ 501 TU 559 EX | Current (2/24/21) - 680 EQ - 665 TU - 683 EX
- NavyCLOC $2K - PenFed CLOC $500
- NFCU cashRewards $10k - PenFed Rewards $7.5K - BestBuy Visa $2K - Merrick $2K - Uber Visa $1K - AmEx $1k (AU)
- Target Store $2.2K - KingSize $700 - Macys Store $500
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p-
Valued Contributor

Re: Co-Applicant


@shaun2009 wrote:

Ok so i had a question i was wondering so i co-signed for my mother on her car loan i wanted to know is it possible to be removed as a co-applicant without her paying off the full balance because overall she is responsible for it i just wanted to be added for the extra TL but what i did not keep in mind is how high it would make my DTI sky rocket... because i already have a car financed under my name and with hers it sends it over the top... so i overall would like to be removed so the TL can be removed from my credit report...

 

Is this possible? the Finance company is Honda Financial


Yes;  She has to refi into a new loan with another bank, without you.  If she has good credit, look into the refi rates that penfed offers.  She might save some money too. 

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