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Posted in Auto Loans
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LarryGuy1712

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Dividing auto loans among spouse
I have " fair credit" my wife has "good" to " very good" credit. We own two cars which both loans are in my name. Would having her take over financial responsibilty of one or both our auto loans improve my score without negatively impacting her score? Obviously the goal is to improve both our scores or at least improve my lower score without negatively affecting her score. A quality answer would be much appreciated, thanks

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The outcome of doing this will depend on both of your overall credit profiles, but I would say that it is a bad idea and would probably cause harm to both of your scores. Having 2 auto loans is not a reason for having fair credit, there is some other reason that your scores are suffering. I would do some extensive reading about credit and try to determine why your scores are not good before you take any action with anything.

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