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My 1st question is: Can You Use Visa/Discover Card Prepaid Card for Paypal? Thanks in advance for any comment. My other question... Me and my wife are coming out of BK7 and need to replace her auto which was let go in the bk because of cross collateralization. We know we wont get the best interest rate right now but we plan to refinance in 6-12 months. Anyway the main question is should we get this auto jointly in both of our names or just in my name. My wife has 0 income and is a SAHM so her being on the application wont help any. |
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Of course! although you might wanna make sure and wait for someone else to confirm this as I am not quite sure. Better yet, why don't you email the Discover Card guys because they can give you an answer better...
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+1 on having her on the loan wont help you get the loan, but.
Any positive tradeline is a good thing... |
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Her income is currently zero, but yeah, in the future that may be of concern in certain circumstances...
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Our credit plans are simple going forward really..
Get one car in both our names.. Get 2-4 credit cards each, put them up never use.. Get a home loan in both our names in about 2 years... |
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My wifes credit is pretty terrible and mine is halfway decent (720 range.) I added my wife to the 2 cars I leased over the weekend just so she would have a positive tradeline reporting while I work on getting her nasties deleted...
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The only downside I see is if you can't pay for it it WILL affect her credit and they WILL come after her if repo'd..
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I was much more worried about it being counted into her DTI in the future, but since she has zero income and will for the next 2-3 years I dont think it's much of an issue...
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Personally I'm a believer if it doesn't NEED to be in someone elses name too.. Don't put it in there name. Seeing that installment loans don't do much for FICO purposes anyways... Adding her some Discover credit card will help her. But again, that's what I would just do personally...
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They don't do much, but they do add to the FICO mix. It will also allow her to develop some auto payment history which will help her auto enhanced fico score down the road. I have also found that certain captive lenders such as Ford and BMW will refinance you with borderline scores if you had a well paid loan with them in the past...
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