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dixiechevy01

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My wife and I are buying a house soon and are wondering about our car loan
I have a credit score of 709 and my wife has no credit, we would like to buy a house when our lease is up in march. We have a car that we owe around 18k on and were thinking about trading it in to get a lower payment and out the loan in her name so she could build credit. Is something that would get her a decent credit score by march or even sooner?

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I know of easier ways to get credit for her.  Back in October 2012 a new regulation was put in place to allow partners who do not work outside of the home to qualify for credit cards - card issuers must consider third party income (i.e. your paycheck) when a stay at home spouse applies for a card.  So, visit www.creditcards.com and pick a good card and have her apply for it.  Also, you can have her added as an authorized user on all your current credit cards and those accounts will automatically show up on her report (you may have to prove she's your spouse).  Your idea isn't bad, but if you get a car loan in her name only it will probably be a very high interest rate or you may have to co-sign for it.  Best of luck!

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Reply by
icuhowie

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and where does it state "card issuers must consider third party income"?

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