I'm planning on taking out a loan ($10K) to consolidate a some credit cards and just have one payment. (This would drop my credit card utilization rate to almost zero.) My DHs FICO scores are 765-775, but he loses some points because he doesn't have an installment loan reporting. I was thinking of having him co-sign the loan to get a better rate plus then he'd have a loan reporting. (He's obviously not going to pay it.)
The only issue I see is his truck in almost 10 years old, and I worry having the loan out might get in the way of getting him financed if it craps out in the next couple of years. I'm also not sure if the co-sign might get in the way if him getting his own loan. I've been after him for years to get a loan and pay off his cards. Thoughts? (We'll be financing through NFCU.)
The only issue I see is his truck in almost 10 years old, and I worry having the loan out might get in the way of getting him financed if it craps out in the next couple of years. I'm also not sure if the co-sign might get in the way if him getting his own loan. I've been after him for years to get a loan and pay off his cards. Thoughts? (We'll be financing through NFCU.)
