Can I do anything?

[BrandonSternfield]

The bank assumes anyone with a subpar credit score will default. That is why the cosigner is even required. That's why it was suggested that since the car has been paid diligently for the last 2 years, that your partner refi's the car under their name solely, and gets you off the contract. Even with money gram's that should work.

If I could suggest automatic bill pay through a checking account, it will lower your payment, and look very good on your credit report.

I'm very sorry to hear about your daughter, and horrible things happen to us and we have to spend all our reserves. It's sad, but big banks might not care, they just see someone with no money, with bad credit, that wants to borrow money. They don't see the who or the why, just the what.

I'm sorry for the accident, and I'm glad she survived, all be it through troubled experiences. I also wish you the best of luck in your mortgage woes.

[Saodavi]

The bank assumes anyone with a subpar credit score will default. That is why the cosigner is even required. That's why it was suggested that since the car has been paid diligently for the last 2 years, that your partner refi's the car under their name solely, and gets you off the contract. Even with money gram's that should work.

Thanks for clarifying that Brandon.

I guess what I was trying to say is that banks loan money and charge interest based on risk. They have formulas that dictate these terms for them. People with a credit score of ### are %% likely to default (or be late) on the loan and the bank will have to charge %% in interest to generate a profit and cover the risk of not getting their money back.

While there is obviously a strong correlation between credit credit scores and default rates, those terms are not a directly applicable to any one person. It doesn't mean YOU will certainly default ... it just means that, of people with a score similar to yours some portion of them will not be able to pay back the loan. If your partner has been paying on time, his scores should be trending toward the better rates.

Often times, small behavioral/structural changes in finances such as direct deposit of paychecks, automatic drafting of rent/car payments and paying with a personal check, can help a lot. It also helps your scoring if you can keep your credit card balances below 33% of the available credit on the card. A good Loan Officer (or mortgage broker) can give you information to help you improve your scores so that you can get better financing.

Good Luck!