I have a credit score of 555 and my wife has a very good credit score. I make over $70K per year and now I need a new car for my work. The last car I bought I paid for in cash because of my credit score. All of my credit issues happened in College 5-7 years ago but is still haunting me. If my wife's crediit score is over 720, and she co-signs do I get the interest rate based on her score or an average of both of ours? Any help is appreciated before I submit fo a loan application with my credit union.
Something doesn't make sense. If you have been a good payer for the past 5 years and you make $70 k, there is absolutely no reason for you to have a 555 FICO score. This would imply you have multiple accounts in collection, recent charge-offs, etc.
I've had good luck here...
http://auto.deal4-you.com
Best of luck to you.
Car loans are easy to get, because if you fail to keep up your payments, there's something tangible (your car) which they can re-posses. I'm glad to hear you're going to your credit union, and not the auto dealer, for this loan, as auto dealers will always use auto loans to screw you. They'll claim that, due to your "bad" credit rating, you can only get a loan with a really high interest rate (which is a lie), and if you're buying a used car, they'll claim that the bank won't approve the loan unless you pay extra for a powertrain warranty "to protect the bank's investment," which is also a lie.
it would be half bad interest because of you and half good because of her since shes co-sighning it you will for sure get the loan no worries dude. just keep up eith all of your payments and the bank will love you
DO NOT EVER join your credit with your spouse! The misnomer is that their good credit will bring your bad credit up. In fact, your bad credit will bring her good credit down.
Look, man, pay cash for the car. All credit issues drop after seven years, and that means that the oldest stuff is probably already gone. If you can't pay cash, then let your wife buy the car on her name alone and you drive it, but do NOT join your credit. Keep it separate for ever and ever and ever. Who knows. One day you may need her excellent credit to save your butts, or vice versa, and if you joint your credit, you won't have that safety net.
Edit: If you want to start rebuilding your credit, get yourself a secured credit card. they are real credit cards, from a real bank. They don't inquire after your credit score because the card is secured by your own money - money that you put into a savings account again the card.
How it works is, you make a deposit into the bank of, say, $500. That $500 is put into a savings account that secures the card, and the card has a limit of $500 - because that's what's in the savings account. You can increase it as you see fit.
You use the card wherever you would normally use the card, the bank sends you a bill, you pay the bill. After a year of this, together with other bad credit falling off your reports, you will have stellar credit.
The nice thing about a secured card, if you ever had trouble paying it off, you have all the money to pay it off in the savings account, which will save you.
Please don't join credit with your wife. My dad did this with my mom, and in less than six months, my mom's 750 score was 600. Same with me and my husband, and most of my married friends.