Thread Starter: Rocky P
Title: Re: Caps on Loan Amounts (Auto Loans)
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Be careful in your research and wording. While the policy applies to all, it would have a greater effect on young people who have not had a chance to build credit, and certain groups who use credit in limited amounts. (Look at the wording for effects test in the OSC for ECOA.) I also take exception to the part about limiting credit where one party has excellent credit and the other, limited. That is the primary reason why many parents co-borrow with their children, to start them off for credit. The person with good credit would be responsible, why would the bank be limiting them?
Based on a recommendation, I added my daughter (joint owner) of a credit card when she turned 18. She never abused it, and added a credit card on her own, has a credit score of over 800, no other debt. Would the bank turn her down for a car loan over $20k?
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