Joint Acct Question

[spango]

I have a joint account on an auto loan with my mother that I got 1 year ago. I have about $6400 left on it. I know that I could get qualified on my own now so should I refinance in my own name or just leave it like it is. I have never been late. It is with Ford Motor Credit.

[hiblues]

almost always,

the resale value of the car needs to be more than the loan amount in order

to refi...

if you can get a better rate, why not refi?

[spango]

i'm sorry, what I meant to say in this post is will it benefit my credit score if I have an individual account as apposed to a joint account? Yes,, the resale is greater that what I owe.

[Ahntara]

Lots of people can answer your question, but none of them will be accurate. Scoring programs are secret and complex.

You MAY receive benefit from an individual account, but then you will definitely receive deductions for a NEW account. Who knows if one will outweigh the other. Since re-financing costs money, why not leave your account as is, pay it on time and reap the benefits of the existing one? You can add individual accounts later.

[myscoresawful]

Lots of people can answer your question, but none of them will be accurate. Scoring programs are secret and complex.

You MAY receive benefit from an individual account, but then you will definitely receive deductions for a NEW account. Who knows if one will outweigh the other. Since re-financing costs money, why not leave your account as is, pay it on time and reap the benefits of the existing one? You can add individual accounts later.

I was going to say that the OP would also be closing an older account, but it appears it is only 1 year old, but still, closing any otherwise good TL isn't a benefit. I would say only if it meant a huge savings would I refinance.