CoBorrowers: Getting Credited!
Co Borrower Strategy to Build FICO Scores Are you always listed as the second qualifying party on loans and credit cards and your spouse as the Borrower? Banks consider the 'primary wage earner' in 1st position for repayment resonsibility due to the income imbalance in most households. In some cases, the spouse is not reported to the credit atencies. You may need credit separately from your spouse. Now, many of us know the Co Borrower is often the one at home paying the bills--so if anything we would like to credit you for making your beloved Borrower look good. However, the FICO system has ways of noting which person is the primary applicant or joint user of an account. Legally the banking industry does not discriminate on race, sex, age, etc. Below are a few pointers on enhancing your FICO score and building your credit: Buy a Car in Your Name Even if you will both drive a car, and the money may come from a joint account...by taking out the loan in your name you are building...