My mother purchased a car for me 4 years ago because my credit was terrible at the time. I recently requested a transfer of title from the lienholder ( Ford Credit) and was approved. Once the papers are signed and this account appears on my report, how many points will I gain?
Do you still owe a balance with Ford Credit? I was told that the account could not be transferred. I was told someone else could be added, but that the original holder still had to be on the hook.
Weather, Sorry, that's what I meant to say. My name was added to the title, not transferred to me. The balance is less than $3000.
OK. I was hoping maybe they changed their rules. Anyway, it will be added to your CR and should help. I am not sure what impact it will have on you, because so many other things will dictate that, but I know for sure a good mix of credit is a good thing. Having a car loan will certainally help, and also help when it comes time to buy another car.
