My mom bought me a car 2 years ago and I have been making the payments since then. The car has been under her name even though I have payed her cash to make the payments every month. This has made it difficult for me to buy a car without a cosigner because I have limited credit history other than a couple credit cards and a phone bill in my name.
The reason my mom says she doesn’t want to cosign is because she is worried that by doing so, it will negatively affect her Debt to Income ratio in getting a Mortgage for a new home (maybe giving her a higher rate or decreasing how expensive of a home she can get). Will cosigning affect any aspect of her getting a mortgage? The thing is, is that my car is still currently under her name and even though I am paying her cash, she is making the payments to the financing company. Won’t this definitely affect her DTI?
I have received financing but my rate is extremely high and I have to have 6k down (my trade is only worth 5k) but by having a cosigner I can get a much better rate and much less down pmt.
I hope I explained myself thoroughly enough, if not let me know so I can give more detail.
my current car has 147k miles on it. While it still has SOME value I need to get rid of it. I just need an answer to my question not a new solution thanks.
After more research I have found the answer to my question, that cosigning does in fact affect credit. DTI and AAoA in some cases. http://ficoforums.myfico.com/t5/Auto-Loans/How-will-cosigning-affect-me/m-p/661967
Good afternoon,
I can get my student loans discharge, because I became permanent disable with the Veterans Affairs. A total of only 9000 can be discharged. The question I have is, if I do discharge those will it negative impact my credit report? Will the trade line be erased? Will the trade line be noted or labeled as discharge or something to that effect on my credit report and will that impact my FICO or will I have to write an explanation to creditors. By the way if they will be decreased it will give me a higher AAoA, but lower my credit mix.
Thanks in advance
byEmbajada de Estados Unidos en Bolivia
doesn’t the money go to the University? and you never receive it?
do students borrow a maximum amount in student loans so they keep the leftovers to pay their apartment bill and/or living expenses?
I’ve been lurking around this forum for a while and finally decided to sign up. I applied for the blue cash everyday last week on thanksgiving day and was approved.. I’ve been reading and I wish I had applied for the zync on the same day/same pull. Now that it’s likely too late for that I’m hoping someone can shed some light on any other cards I maybe should apply for/ would be approved for before the Amex pull shows up? I’ve been thinking about the chase freedom but really wasn’t sure. Here’s my current accounts:
Wellsfargo student card- 800 limit
1fbusa student card 2250
Belk card 150
And now the bce ( I called and they said 2300)
I also have 20k in student loans reporting that’s have not entered repayment yet because I’m still in school.
My AAoA is approx 1yr 6 months With nothing bad.
I got the acceptance letter from Amex which said my ex score was 745. I pulled my other two fico’s a couple months ago and they were both right around 730. I believe I have 3 pulls on my eq/tu reports and once the Amex shows up then 4 on ex.
Any advice or tips would be great.. Thanks.
I posted this CC Forum.. Thought I’d see what you guys thought.
bykate*
by Adam Crowe
I am looking into buying a house in about 1.5 years. My current scores are TU 703 and EQ 681. Both bureus have the same info except the EQ has 2 inquiries. I would like to get my scores as high as possible so that I can get the lowest rates available. Please let me know what you think I should do to get a 750 or higher. I think the biggest things that are hurting me are; I have a collection that is falling off the first few months of next year, my AAoA, and my oldest credit line. My AAoA is only 2 years and my AAoA is 3.3 years. I also don’t have any installment loans on my report. Would getting a car loan help me out enough in a year? I do need a newer car. I think when my collection falls off I should get a huge boost in score because it is my only derog. I have no missed payments at all. My util is only 2%.
Â
Orchard – 3.4 years – 0/$300
Wells    – 3 years    – 83/$3200
HSBC   - 1 year     – 0/$1500
Amex    - .5 years  – $0/Charge
I defaulted on a student loan back in ’98. Young dumb and now trying to correct that.
Â
Recently I moved and started a new job and began worrying about my credit. I got my 3 reports to find out who holds my SL so I can clear it up thinking my credit was totaly trashed. I was surprised to see it’s not on any of my reports. Nothing was since i wasn’t using credit for the last decade. I couldn’t get a myfico score since my report doesn’t have anything 6 months of age on it. Just my WF secured CC and now a Cap 1 secured CC. Both a month old with UTL of %6. FAKO’s scores were TU 712, EX 726
Â
Being worried about possible surprise garnishments or the SL being rereported I contacted the CA when I found out who had my loan. I started the rehab program this week with $183 a month payments. My Loan was through Direct Loans for $6924 and now has interest of $4615 and fees of $2809. They knocked the fees of when I started rehad and said 1/2 of the interest will come off if I PIF. I can’t afford to do that right now though.
Â
My concern now is what happens after Direct Loans get my loan trasfered back to them? I was told by the CA that default status will be removed and the loan put in good standing on my reports, but since the loan currently isn’t on my reports will it just pop back on in good standing once I’m out of rehab?
Â
My AAoA is currently 1 month so potentially this could be a good thing for my report but I’m still a bit.
Was approved for Kay Jewlers card last night, $3200 CL.
Â
Had the following on my report:
Â
TU Score – 633
Utilizaltion – 70% (before)
Lates – numerous 30, 60, 90, a few 120, a few 150
Â
It will bring my AAoA down some, but I think it will be for the better overall.
Related Blogs
- Related Blogs on Approved – Kay Jewlers
Quick question – if I understand correctly, disputed items don’t figure into your credit score, is that correct? If so, does that also mean something that’s being disputed also does not figure into your AAoA, for good or bad? I suppose I’m just trying to determine the impact that a dispute has on your FICO score (before the result has been determined) – is it as if the account never existed while it’s being disputed or do I have a complete misunderstanding of how disputes work?
Â
Â
Related Blogs
- Related Blogs on AAoA in Disputes
- Landlord Charges Extra For Lawn Care, AAOA – American Apartment …