Reverse CoSigner

Anonymous · ‎10-24-2011

I'm looking to buy my wife a new car and I have near perfect credit, but she does not. Her credit is not bad in the sense that she has late payments and bad behaivor, but more of she has just never had credit and has just started building it.

I know I will be approved for a loan easily and was planning on purchasing the vehicle in my name without a cosigner, however I was wondering if having her cosign would help to improve her score? If so, does it have the exact same effect as the primary loan holder or is the benefit computed differently?

Thanks

Anonymous · ‎10-24-2011

@Anonymous wrote:
I'm looking to buy my wife a new car and I have near perfect credit, but she does not. Her credit is not bad in the sense that she has late payments and bad behaivor, but more of she has just never had credit and has just started building it.

I know I will be approved for a loan easily and was planning on purchasing the vehicle in my name without a cosigner, however I was wondering if having her cosign would help to improve her score? If so, does it have the exact same effect as the primary loan holder or is the benefit computed differently?

Thanks

Just do a joint application, they will more then likely want your name 1st on the loan (not always) but she will reap all the awards of the loan and payment history. it will be listed on her credit reports the same as yours.

Anonymous · ‎10-25-2011

On a joint account, you both will have the same thing report on each of your credit reports. It really doesnt matter how you do it. I just bought a car. I'm employed and my husband is a stay-at-home dad. He called our bank for the auto loan, so it listed his name 1st even without an income, but we were told that it didn't matter because we were joint.

6 Years ago, we bought a car, and we listed him 1st and me as a cosigner because he had the credit, but I had the income. The same thing happened. The car showed up on both credit reports the same way.

So in essence, yes, as long as payment history is good on the car, she will benefit from the trade line on her credit report.

Anonymous · ‎10-27-2011

Not sure if you bought a car yet.... I'd buy the car in your name if you have the best credit.

It is all about the lowest rate and lowest payment, so no reason to add her to the mix if you dont have to.

10 years ago we bought a car for me in my wife's name, and to this day it is still titled that way...

We only bought the car in her name at the time for the best % rate.