karenmariawayne
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you would think paying the loan off early would help your credit. If your husbands credit is good, will either help it or keep it exactly the same. |
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Cadillacman
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Adding your name to your husband's loan will not improve your credit. It can only hurt if there is a problem later on.
Paying off your loan early is good.
If you want more credit, now that you have already established a good payment record, obtain a small limit credit card, maybe $500 limit. Each month, charge one small item on it - $10 - $20. When your bill arrives, immediately send in the entire amount. Do the same thing the next month.
You don't want to put very much on your credit card if your're planning to buy a home and finance it. Generally, the more in debt you are, the less amount of home loan you'll bve able to qualify for.
And, no, it won't hurt you to not have a loan in your name, especially if your husband has good credit. |
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Ray
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You can not add your name to a loan that is already in force.
He has to re-fi the loan. Not worth the trouble. He probably won't get the same rate either.
How does selling this truck hurt your credit?
It doesn't happen that way. As long as you pay your bills on time and have no judgments against you, you should be OK. |
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OC1999
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You have several things going on. Paying off a loan early will not hurt you. Just before you make sure that the loan does not have any pre-payment penalties. If you are looking at getting a home loan in the next 6 months this payoff will still be recent and would help you. The other benefit is that not having this loan lowers your Debt-to-Income ration which will also help you get approved because it shows together that you owe less money. Debt-to-Income ratio is as important as your credit score.
As to his loan. Just as you can't remove yourself from a loan, you can't just add yourself either. In order to do this the loan in his name would have to be paid off and both of you would have to refinance it in both of your names. In looking at a home in the next few months, doing this may lower your scores a bit. Because of the inquiries and new debt. |
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Charlie Bucket
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Yes if you add you name now, the credit associated with that card will transfer to you within 30-90 days. |
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JoyHickey
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If you pay it off early you will be given a trophy.....The best thing to do when buying the house is to have a BIG downpayment. Then low CC debt. If your husband has better credit, it would be better for him to buy it and where it asks if he has "additional income" he can add your wages. If you have bad credit and do it jointly you would get a loan, but at a higher rate maybe. |
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David Beasley
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Paying off a loan early with NOT hurt your score.
Mortgage lenders use automated underwriting engines (FHA/FNMA/FHLMC) to evaluate your credit, income, assets in deciding whether they will lend to you on a house. Last week one of the "engines" (FNMA 7.0) indicated that a trade line (ie. your husb' auto loan) that is marked "authorized" user will NOT be considered in your credit decision.
An easy way to improve your credit is to:
- pay down all your credit cards to a balance of $15-$25 (can't do that? pay them down < 50% limit, then < 25%)
- open an overdraft account for your checking account and keep it empty.
- open 1 or 2 credit cards and keep a balance of $15-$25
Each of these will get you 5-10pts per month!
That is how I did it after a BK in 2006 (laid off). Now my score is higher than before!
Best of luck! |
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♥Islam~Blessings-Peace(ARABIC)♥
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heres an idea; dont get things on credit if you cannot pay them off. |
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MommyPrincess
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Paying off an auto loan is not bad unless you pay it off in a few months (the dealers have to "buy back" the interest paid to them) Being a co-signer on a loan isn't really important on your credit report. Having some revolving credit IS important though (credit cards) Whatever you do make sure your financial obligations are only like 40% of your income...that's where you get hurt. The bankers have an estimated income vs debt ratio. You should contact the bank you think you will have your mortgage from and ask them for their advice. They will be more than happy to help and you will be getting the best advice you can. Good Luck |
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Jolie
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Yes, it most definitely will. I had the worst credit until we cleaned it up through "credit agents". After that, we added me to his credit card acount and now my credit is great!!! Good Luck! |
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Daisy May
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yepp |
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floy c
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It should really save you some money to just get an auto loan price on the web to check out what todays rates are. You might be pleasantly happy. Also if your credit is not the best, a lot of them are more able to help you.
What I always tell folks is that an online quote at http://auto.lowratetoday.com is the way to go. |
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