@Ajones1992 wrote:Hello,
So due to a not at fault accident, I am in need of a replacement car. My auto scores all seem to be considerably lower than my Fico 8's (low 500's vs upper 500's/lower 600's, got hammered in a particularly contentous divorce). In order to help me secure a better rate, my father is offering to help either co-sign or co-apply (All scores in the 800's). I have heard different people on this forum claim that some banks/CU's use only the primary score or the higher score for rates and approval, while the joint applicant is used for income. I am having trouble finding specifics on who has been known to operate that way besides NFCU which I am not eligible to join.
So can anybody point me to a bank, or better yet, at CU that is known to use either the high score or the primary applicant score to secure terms, while not factoring the lower one?
I've not read of one that does, because a joint loan has to consider both scores. But as an example, on the third vehicle I had to finance last month, my parental unit co-signed due to DTI issues instead of a lower credit score. My FICO scores are low to mid 700s and hers are all over 825+. (The CU uses a vantage score though). We got the best rate the CU offered.
@Ajones1992 wrote:No worries. I ended up joining NFCU based on my grandfather's military status and they only use the primary score so it's all good!
Congratulations!
@Ajones1992 wrote:No worries. I ended up joining NFCU based on my grandfather's military status and they only use the primary score so it's all good!
NFCU actually pulled my EQ FICO 05 mortgage score recently for an auto loan. My mortgage scores are 50-60 points lower than 08's, 09's and Auto scores.
