I have a higher credit score than my cosigner. But my cosigner has a low score but more history.?

Answers:5   |   LastUpdateAt:2012-11-04 16:14:03  

Question
Karl Haxell
Asked at 2012-08-20 13:44:03
I've been trying to get a car loan , but I 'm still denied. My credit score is 720 stains . The problem is that they only have one year and one month history of credit history . Not enough to get a loan . So we still need a co-signer. But the only person who can cosign for me is my mom who has a credit score of 560 . Shes is a homeowner . The only reason the score is low is because of my student loans and some late payments . No bankruptcys or collections or anything like that . Would it be worth a try to get a loan with her as my guarantor, or if you refuse because she is already overextended ?
Answer1 sense of reform -Answered at 2012-08-23 08:02:03
Sometimes the bank wants two people on the hook for the same loan because investors do not want to support the loan is approved with short credit history .... if you want two signatories , we will apply the surety for him / her self and get the loan and sell the car for you on payments.
Answer2larrykaAnswered at 2012-09-05 17:35:07
Your score is better than yours . I use it as a co -signer . The reason for your score is so high is because they only have maybe a $ 200 card credit report. Once your car is going to fall . MedlinePlus MedlinePlus It was funny that I was making a loan once and this guy was being all cocky , he and his wife were getting a mortgage loan . She was 620 and was 780 . He said the only reason we have this loan was my fault . I said wait until the mortgage blows , its largest loan ever was 1000 dollars. A month later I was at 550. MedlinePlus MedlinePlus Like I said if you can use your , your credit is 10 times better than yours . She has proven to handle more than a debt of $ 100 . MedlinePlus MedlinePlus Good luck
Answer3MadisonAnswered at 2012-10-13 11:42:35
Do not borrow money on a car . Never pay interest on a depreciating asset . Save some money and sell some things and pay cash . Then start making yourself a small car payment and you can upgrade as you go along to avoid paying some other interest . Start good habits like this at an early age can create wealth throughout his life .
Answer4P'yongyangAnswered at 2012-11-02 19:03:14
Unfortunately you can be the most stable person in the country financially paying your way all the time by cash but as far as credit companies go they have no idea what you will be like as a payer, that is why these days even if you have money and you pay cash if you know that some time in the future you would like something on finance then you would have to get a credit rating, which a lot of people do not like doing because the only way to do it is to have credit cards maybe a small loan and shown on the credit checking system to be paying regularly.
Ken
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