Cosigning with parent who has bad credit..?

Answers:2   |   LastUpdateAt:2012-08-17 03:02:05  

Question
saffron
Asked at 2012-08-10 13:43:04
I have 17 years of age and get my license soon. I am also thinking of buying a used car. I found a Honda Accord coupe line that interests me Oh and by the way, the Honda Accord is probably about 10,000 and yes I realize that I should go start a car in that first and then just go to trade in. but then it occurred to me , its good, buy a cheap one that I no longer see or buy one that is good all the attractive appearance (yes teenage stereotypes ), but I know I would be taking good care of it . And Honda Accord is one of the most reliable cars around , and has a good resale value . I have no credit history but I am getting a job in a few months as a pharmacy technician . My mom has bad credit and below its 600. And you can probably get auto loans for bad credit. I'm just wondering if this is a good idea. This is also a good way for me to build my credit history. Although I 'm just curious if the bad credit from my mom that the mine affected. If this is a good or reasonable decision .
Answer1keonnis johnsonAnswered at 2012-08-11 05:01:03
First I congratulate you really think this purchase out from all angles and answer all that anyone can throw at you .

So credit the mothers will not adversely affect his, but since she has a low score to prepare for a high interest rate . When I say I've seen high rates as high as 20% for an auto loan . Yes 20. I wonder if it could be a smart financial choice to wait until you have started work and 18 years. Then you may be able to get a better rate from a cousin of credit, no credit at that point all you have against you ( and increasing its rate ) is the fact that their young. While the path that has everything that has caused your mother has a low score.

Credit scores range from 400 to 850 at least 600 is not too good.
Answer2BAdamsAnswered at 2012-08-17 03:02:05
sorry back, but I thought I could extend the FICA. You would be better not to include your mom in this loan and save for a large down payment . Do not exceed the purchase and moms mistakes along the way of credit, but if you take you forever to be judged in its history, best not taken into account and next to it . Make payments for 6 months or more and sell it to a freind and get what you want or refinance at better interest . then it should only be a little glue and bingo FICA is now 700 or more . Trust me I have. I have a 809 FICA and carry 36K in debt after a divorce . FICA is inconsistent and the wait some things , like buying majior first to be a car, then the house / condominium, and so on. GOOD LUCK and BeSmart with their money.
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