My brother's dad with zero credit score took out a new 2018 Civic. I don't know how but they approved him. It's a stupid dumb deal and I feel bad because I was talking to him about getting a new car myself and he said maybe he should too. I told him he needs to build his credit first after checking credit karma and it showed nothing at all. That was on Friday. Sunday he calls me telling me about his new car.
Payments on it is $549. His apr is 23.29% and all payments add up to $42000. He does not make enough to pay it off quickly.
What is the quickest course of action to get another bank to refinance at a lower rate? Get a secured card? If I add him as an user to some of my cards would it help his score and not hurt mine(as long as I don't give him the actual cards to rack up)? I have about 30k limit in cards with about 2% utilization. For sure I cannot take the risk to cosign for him.
Suggestions?
Submitted March 15, 2018 at 04:12AM by GTBoosted http://ift.tt/2FCrslh
