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Posted in Auto Loans
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Daipipi

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Added spouse to auto loan. Will her credit score become lower?

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When you add your spouse to an installment loan, several things will affect her credit score.  First, the age of the auto finance from the date it was opened.  Thus, if your spouse has a 5 year old credit history and this loan is only 2 months old, her credit history would now be lower and this will lower her overall credit.  Although, if her credit age is only a year and this entry is 5 years old, the age will be higher and she will see an increase.   The amount that is owed on the installment loan will also be a factor.   If you owe 30,000 on a 32,000 loan then the amount is high and this will lower her score as well.  ALthough, if you owe 5,000 on a 32,000 loan, this would be reflected better on the score based on the amount owed against the original loan amount.   One thing to keep in mind, one late payment on that loan will now affect both of your scores. 

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