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Co-Signer vs Co-Borrower

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Co-Signer vs Co-Borrower

My credit is finally starting to look repairable. My husbands debt is sky high however between student loans and massive credit card debt all of which has gone to collections except one thing. However we are about to start paying on those srudest loans. But I fear his score won’t be high enough. When we bought our first car together we had no idea what we were doing. So he ended up 40+ inquiries and my score was terrible still from my first marriage. Since I don’t work due to medical issues I didn’t know which one would be more beneficial. And help. When I was stay at home mom before. I had a lender ask me if i could co-sign for a loan before. Our car is fine at the moment. But I wanna get prepared. My credit is a little hurt but it’s a much simpler fix than his.
Starting Score: EQ 527 TU 512 EX 523
Current Score: EQ 572 TU 602 EX579
Goal Score: EQ 740 TU 740 EX 740

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Frequent Contributor

Re: Co-Signer vs Co-Borrower

Co-signer and a Co-borrower are the same thing, there is no difference between the two, the loan would simply be a joint loan. Auto loan's with two people show up as joint installment accounts on credit bureau's. You are both financially responsible for the loan, and both hold ownership. In your given situation, It sounds like you will have to do a joint application since your credit is better, but your husband has the income. Goodluck!

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
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