Tier 1 Credit Question

I don’t have a huge credit history, and my credit score isn’t great. I make 65000k a year out of college with a score of 620. If I had my dad cosign for me, would that get me the lowest interest rate? I am not quite sure how cosigning works.

It depends on what your dad’s credit score is. If he has a credit score over 750, you should get tier 1

Yes he has a score over 750. So my credit score wouldnt weigh that down if he cosigned?

Thanks for the response.

No, from what I have learned/understand is the follows -

  • Since your dad has a higher credit score, they might put him as the primary and put you as the secondary, which would put less weight on your score compared to his.

-Usually they do a combined average between both scores but the primary gets more weight, since you’re dad is higher, usually they’ll look more favorably on his.

If you are trying to build your credit, it might work out to be better to be a cosigner then the primary, or you might not get the best rate, that depends on how the finance dept. works it and what they feel will get you the best rate.

Just my two cents.

For example, for a MBFS lease they will put your dad as primary and you as secondary. From my years of experience, you will be tier 1 hands down.

Making $65000k/year, you should just pay all cash for the car. :money_mouth_face:

If his is good then he can be primary and you can be secondary and this will help build your score.

Haha if cost of living was $0, I definitely would :smile:

Thanks! Good to know! How will this impact his credit though?

As long as you pay on time it shouldn’t have an effect. Just the normal small hit you take with a hard inquiry and a new loan opened.

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You have been a great help!

You could live anywhere in the world with that pay.

$65000k = $65,000,000 :laughing:

Hahaha sorry man, I am just really rich :money_mouth_face::money_mouth_face::money_mouth_face:

Is your score 620 due to lack of history or are there any late payments/chargeoffs bringing score down. If your report has later on it see if you can get them removed. If it is clean, have your dad make you an authorized user on his oldest credit line (provided that company reports authorized users). He doesn’t have to physically give you the card to use, but it will help increase the length of your credit history.

My credit score is 620 due to available credit. I dont have much credit on credit card accounts. I could request increases to increase my score.

If you are one year out of college, may manufacturers offer top tier credit for recent college grads. I worked at Nissan and we offered tier 2 credit for recent college grads as long as you have nothing derogatory. And on the Nissan side, Tier 1 and 2 generally get the same deals.

Other companies offer similar programs, especially the domestic and Japanese brands. It may be tougher with luxury brands.

Sorry Jon, but $65k in California barely middle class. 100k here won’t buy a house.

@silverduckie what car and location is this? Just interested

@forbs Who’s talking about only $65k?

Hi, i am in chicago. I am looking at multiple cars including e300 demo, infiniti Q50 400 Sport, BMW 340xi for now. I was going to go cheaper, but these cars seem to lease reasonably.

He still didn’t get it.