I will be married by february, and have been improving my credit score in the months prior to the wedding, to better our future. I had some trouble with credit cards in the past, a combination of college financial rebellion and lack of work for 6 months, but I have gotten it handled, and my credit score is around 700. My Fiance had more trouble, and had stuff go to collections, etc. Last time she checked 6 months ago she had a "575" according to the car salesman where she got her car, but she was able to get it all by herself, albeit at a crappy rate.
I currently have no car loan, just credit cards, and am at about 50% of my limits right now. I plan on having all the credit cards paid off in about 9 months, but it may be as few as 6 months.
Should we refinance her car and add my name to lower her rate? (its at 17% now) I figure adding an installment loan will boost my credit rating, lowering her rate will save us thousands in interest.
OR, should I buy a car for myself first, (mine is starting to wear at 200,000 miles) and with my improved credit score, then go and refinance her car? Or will it be easier to refinance without an additional loan in my name?
I currently have no car loan, just credit cards, and am at about 50% of my limits right now. I plan on having all the credit cards paid off in about 9 months, but it may be as few as 6 months.
Should we refinance her car and add my name to lower her rate? (its at 17% now) I figure adding an installment loan will boost my credit rating, lowering her rate will save us thousands in interest.
OR, should I buy a car for myself first, (mine is starting to wear at 200,000 miles) and with my improved credit score, then go and refinance her car? Or will it be easier to refinance without an additional loan in my name?
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