Posted on: 30th Nov, 2011 09:55 pm
My partner and I are not married yet because of his bad credit. Due to lot of charge off accounts, he has a credit score in low 500sMy credit score is in 600s which I think is due to the fact that I co-signed for my mom’s mortgage. She makes all the payments on time. My question is, I want to buy a used car, if my fiancée co-signs for me, will his credit affect my credit score? Will our credits be combined if we go for this together?
Hi Jann,
Your fiancé's credit score won't have a negative impact on your credit score. If you pay off the car loan on time, then it will have a positive impact on the credit report of both of you. Your credit won't be combined together if you go for this together.
Thanks,
Jerry
Your fiancé's credit score won't have a negative impact on your credit score. If you pay off the car loan on time, then it will have a positive impact on the credit report of both of you. Your credit won't be combined together if you go for this together.
Thanks,
Jerry
Hi Jann,
The best, and about the only way to legally obtain a credit card, is to ask one of your parent's to add you to their account. But then don't use the card because your parents will keep it. After about a year, or so, and if you have held a steady job for about a year, then try applying for one on your own, if the automatic credit apps haven't started coming by then.
:idea:
The best, and about the only way to legally obtain a credit card, is to ask one of your parent's to add you to their account. But then don't use the card because your parents will keep it. After about a year, or so, and if you have held a steady job for about a year, then try applying for one on your own, if the automatic credit apps haven't started coming by then.
:idea:
>>if my fiancée co-signs for me, will his credit affect my credit score?
Both of your credit will be evaluated to make the credit decision, and the lowest score from the two of you will be used.
Both of your credit will be evaluated to make the credit decision, and the lowest score from the two of you will be used.
