My wife's FICO 8 is 755 (Discover provides monthly updates) and her credit history is about 2 years old. May be a little longer
Her current auto lease is under my name and is expiring in 3 months. She wants to lease\buy a car on her own. I recently was laid off so I can't cosign for her until I find a job.
She has never bought a car under her own name (in US) and her salary is about 36K a year. I know that 755 is a good score, but I keep seeing on different websites recommendations that she take out a small personal loan ($500) and pay it off within 3-5 months. That it would really help her score. She only has 3 credit cards, one gas card, and one store card, so this would add diversity to her credit profile. Her utlization is under 10%. Is it worth doing this or is this more of an option for someone with lower credit? Will it even make a difference? The reason I am trying to do this is that perhaps if the auto-dealer sees that her score is higher, her credit is diverse, she will have a higher chance in getting approved for a lease. And I am only doing this because her income is a bit low. I want to make sure that she is approved when she is ready to lease\buy her new car in July. Thoughts?
Thanks!
