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Joint Auto Loan - spouse credit vs my credit

Member

Joint Auto Loan - spouse credit vs my credit

In a few weeks, I will be making a purchase for new vehicle.  My credit is pretty decent (roughly 650-660 - even though there is one blemish of a 90-day past due from a furniture loan) and I have limited income.  My spouse has the more robust income, but damaged credit and I want to use her income (preferably not her credit, though).  My debt to income is low and 80% payment car loan credit history.  Credit utilization is 27%.

 

Will I get approved for a vehicle? I will consider used vehicle if it is Toyota and with low mileage.  Or will I have to deal with a subprime lender that only deals with Toyota?

Message 1 of 4
3 REPLIES
Established Contributor

Re: Joint Auto Loan - spouse credit vs my credit

You have good enough credit to get approved at a sub prime rate. But you have more than "one" blemish with a 660 score for sure! Best wishes! 

Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 2 of 4
Community Leader
Super Contributor

Re: Joint Auto Loan - spouse credit vs my credit

The 90-day late is considered a severe delinquency and will hurt your score a lot until it falls off, even if it is the only derog.

 

Can you pay all cards to zero except one, with the remaining card reporting a small positive balance (e.g. $20)?  That will improve your score.

Message 3 of 4
Frequent Contributor

Re: Joint Auto Loan - spouse credit vs my credit

In some states, including mine, you can include "other income" in your loan application. That includes household income generated by someone else, without having to file a joint application for credit. In other states, however, if you're going to include your wife's income, you have to apply jointly for credit. You'll need to find out what your state allows.

 

Message 4 of 4