Joint loan or separate

Anonymous · ‎07-12-2010

I am trying to decide whether to get a joint loan or single loan for a car.

I have 688 tu and 686 equifax, no baddies on my acct but util is high around 70%. I make 50k a year. DTI is 40%

My wife has 691 tu and she has baddies that are there but PIF and she has two brand new ones that magically appeared in the last two months for 200 and 390. Her income is 50k+ and her util is right at 58%.

DTI is 30%

Do I do a joint app with her or try on my own? confused and dont want bad rates.

Anonymous · ‎07-13-2010

Your in a similar boat as me, I have no baddies, my wife has one (not PIF), we were approved but only through sub prime lending (20+ interest rate). All I can say, is if she has active baddies, you will have a ridiculous rate, or may not even get approved. I am trying to find out if my wife PIF her derogatory if that will allow us approval through normal lending.

If your in need of one now, I would try a single loan with just yourself. Your score is high enough to get a reasonable rate. With baddies on hers, it just wont happen.

Anonymous · ‎07-13-2010

@Anonymous wrote:
I am trying to decide whether to get a joint loan or single loan for a car.

I have 688 tu and 686 equifax, no baddies on my acct but util is high around 70%. I make 50k a year. DTI is 40%

My wife has 691 tu and she has baddies that are there but PIF and she has two brand new ones that magically appeared in the last two months for 200 and 390. Her income is 50k+ and her util is right at 58%.
DTI is 30%

Do I do a joint app with her or try on my own? confused and dont want bad rates.

Unless the car you have is on it's last legs why don't you wait 6-12 months and really work on reducing that utilization. That is the fastest way to increase your score.

Just my 2 cents.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

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Anonymous · ‎07-16-2010

I do not want to pay a high interest rate.

The baddies are old but just added to the account and they are medical.

I wish I could wait and pay down util but we have a new baby on the way. Cant wait.

I guess I will try on my own first.

Thanks.