My husband and I were just approved for a car loan with my husband being listed as "primary" borrower and myself listed as the "secondary" borrower. In other words, on the loan application he was listed first, myself listed second. My question is: Will his credit score and credit being the only one benefiting from a good payment record since he is the "primary" or will my credit score also be affected by our payment record even though I am listed as the secondary person? I hope that makes sense Thanks for any input you can give me, Cheryle
Hi, It would seem so since you are also on the application. I am guessing that since they have both your SSN's, they will report to both your credit reports. Welcome to the board.
I agree.. & dont forget you might get 3 hard Iq.. example: 1)Local dealer 2)Ford Auto Fina 3)Union Acceptance
Such is a joint application, and will be tied to both of you. Regardless of whose primary or not you both own the car, and own the liability. I found the car loan immediately hosed my experian score about 30 points due to the new amount of debt ($30K). Its slowly recovering, been 10 months, but still not at where it started. odd huh. My equifax didn't dump, btw.
I bought a car in 99 where hubby was primary, I got NO credit whatsoever, traded it for another car in 01 where I was primary, hubby gets no credit, I think it depends on the bank. (huntington national bank) cor
