My boyfriend bought me a car the other day. We financed $4800 at 23.99%. Killer I know. All he had on his credit report were 2 - $300 collections and nothing else so we were kinda screwed... needed a car... etc etc. So now we have this loan.. no going back.
Anyway - since were planning for the future and such we need to work on his credit now. Point being. We have a 36 month loan. Were debating on paying it off soon (like I work now that I can and pay it off in 3-4) or if its worth the few hundred bucks in interest to pay it for 18 months to build up his credit. I know you need not only that youre able to pay a loan but the longevity of payments being paid... to build credit.
I just made the law changes and filed ch7. After 6 months I can start re-building MY credit.
So, honestly the plan is. Pay on this car for 18 months and then pay it off. A few months later finance another car (for him) on my credit with him as co-signer to build MY credit.
We will also each be getting secured credit cards to have revolving accounts. And I have a student loan at $50 a month that will help credit too.
Im just not 100% if this all makes sense and if 18 months is not enough/too much time on a loan to really impact his credit rating. Enough of an impact for his to co-sign a loan.
If any of this makes ANY sense please - HelP?!![]()


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