Leasing a car under my name (10 pts best answer)?
Question by Jez: Leasing a car under my name (10 pts best answer)?
Hello, I’m currently 19 yrs old and I have never bought a car of my own. But my mom wants to lease a car for us and she wants to get it under my name so it will boost my “credit score.” Is this true? Also would it have any complications with insurance with my name going under my mom’s name while the car is UNDER my name?
Thanks a lot!
Best answer:
Answer by Amanda
Your mom will be the main owner of the car and you will be the secondary owner because it will be based off her credit. It will help your credit though if you are on the loan with her but she will be the primary owner. You can get insurance on the car just fine as long as you are on the loan. But, if you are going to do all that I would buy a car instead of lease….WAY too many complications going into a lease even though it is a cheaper monthly payment. You have to have EVERY maintenance thing signed off on and keep track of the limited miles allowed every year and all that or they make you reponsible.
In my opinion, you would be better off getting the car on your own there are several places that offer “first time buyer” programs to give you a decent interest rate and you can get the car all on your own!
Add your own answer in the comments!
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Q&A: What’s the best and cheapest place to get a credit score?
Question by Seeker2008: What’s the best and cheapest place to get a credit score?
Basically, my mom is going to be looking into buying a house soon. She wants to check her credit score. Which score is the actual one necessary to check? I’ve seen FICO and all types of other general “credit scores” that could be checked.
Which does a mortgage company look for, and just how many different “types” of credit scores are there? I know that a credit score is a summary of the creditworthiness based on one or up to all three of your credit reports. But where is the safest, cheapest and most reliable place to purchase a credit score online?
Best answer:
Answer by SmartA$ $
Don’t pay for your credit score, and don’t sign up for some credit monitoring service with a bunch of fine print and a monthly fee after the free trial period.
Just go to the bank, sit down with a loan officer and start talking. Have as much info available as you can, such as tax returns to prove your income, etc etc. Tell them you don’t know your credit score and ask if they can check it for you. They’ll pull it up and give you a printed copy with your report and score from all 3 credit agencies, 100% free with no strings attached and no trial period plans to cancel.
Another advantage of doing it right there at the bank is that you can discuss the credit report with the loan person and they can give you tips on what to do to improve your credit to help you qualify (if necessary) or let you know how your score is going to affect your loan options, rates, etc.
Give your answer to this question below!
What Credit score do I need to get the best rate without a co-signer?
Question by David L: What Credit score do I need to get the best rate without a co-signer?
I have around $30K in private student loans that I had my brother co-sign with me on. I am paying Prime + 0% which is really nice, but I wanted to consolidate and use the LIBOR rate (which is lower than prime, I would save over $2000 in 10 years by dropping just 1% point). I have what I think is a very good credit score (760) and wanted to get the best rate so I could try to avoid asking my brother to co-sign again. Is my score high enough to go in alone without a co-signer and get the best rate? Thanks in advance.
Best answer:
Answer by spifiman1
Your score is fine. It depends on what your score is made up of.
Credit score is based on the following;
1. Pay history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%
As you can see 1, 2, and 5 are the most important as far as score is concerned.
The problem that people run into is that they have nothing to qualify them for what they are attempting to borrow money for. Lenders look for whats called “like credit” when they look at a application.
I see people every week with 700+ scores that are made up of nothing but 1 credit card with a $500.00 limit paid 15-times and a couple of student loans and I can’t get them approved to buy a car because they have no “like credit”.
Score is not everything no matter what anyone says.
Know better? Leave your own answer in the comments!
Credit Score Power: A View into the Misunderstood Rules of Credit and What Makes for the Best Scores
Credit Score Power: A View into the Misunderstood Rules of Credit and What Makes for the Best Scores
Credit scores are a mystery to many American consumers. Even the most seasoned professionals are shocked to learn how easily their credit can be destroyed. In CREDIT SCORE POWER, author Tracy Becker offers insight into navigating the scoring system and focuses on how to help consumers keep their credit scores high.
With more than twenty years of experience in the industry, Becker gives a simple and clear view of what makes and breaks fantastic credit scores. CREDIT SCORE POWER discusses the following:
The credit bureaus and what they do
Credit scores and the credit score process
Methods for shopping for a mortgage
Financial distress
The secret to having the best credit
Credit monitoring and identity protection
Credit scores are an important aspect of consumers’ lives and can greatly affect the interest paid on loans and credit cards. The information presented by Becker helps people understand the system in order to have the best opportunity and highest savings in interest a credit score can offer.Credit scores are a mystery to many American consumers. Even the most seasoned professionals are shocked to learn how easily their credit can be destroyed. In CREDIT SCORE POWER, author Tracy Becker offers insight into navigating the scoring system and focuses on how to help consumers keep their credit scores high.
With more than twenty years of experience in the industry, Becker gives a simple and clear view of what makes and breaks fantastic credit scores. CREDIT SCORE POWER discusses the following:
The credit bureaus and what they do
Credit scores and the credit score process
Methods for shopping for a mortgage
Financial distress
The secret to having the best credit
Credit monitoring and identity protection
Credit scores are an important aspect of consumers’ lives and can greatly affect the interest paid on loans and credit cards. The information presented by Becker helps people understand the system in order to have the best opportunity and highest savings in interest a credit score can offer.
List Price: $ 9.99
Price: