Can I refinance my car with a credit union AND endorse a co-signer without any hurting inquiries?
Whittaker asked:
With the inquiries. I have like 4-5 tops from the last 8 years and since the credit industry is getting increasingly anal about its policies, is there any way I could do these things in the same period of time?
Allan
With the inquiries. I have like 4-5 tops from the last 8 years and since the credit industry is getting increasingly anal about its policies, is there any way I could do these things in the same period of time?
Allan
Tags: Co Signer, Refinance Car, Tops
May 28th, 2009 at 4:49 pm
June
It’s not the inquiries you need to worry about but the payment to income ratio that co-signing may create. When you co-sign the monthly payment for the loan you co-signed is added to your total monthly payment obligation because you may have to begin making those payments anytime and without further input to the credit reporting system.
So co-signing could make you ineligible for much further credit because of the resulting change in your payments to income ratio, no matter what your payment history is.