When I sign for the loan, if my wife's name is listed on the loan as well, will both of our credit scores be improved, assuming that I make on time payments, etc?

Last edited by kiduseless (2007-08-06 13:15:15)

My understanding is that yes, they both will be improved if you make your payments on time...

Initially, you will have a hit on your credit score just for having the car dealer check your credit.  It's not a big hit at all, but make your payments on time and you will your score will improve.  Keep in mind that your credit score is based on many factors.

Initially with the new tradeline your score will take a hit regular on time payments are great. If poss pay a few bucks extra since the start of the loan is when the interest is highest with less going on the principal.

Inquiries a 2 point hit per bureau for a year.