I have a car loan.. the loan is in my moms name as the first borrower.. and i am the Co-signer
My mom passed away in 2007
I'm still paying the car loan..
is this somewhat giving me good credit fico scores.. even though my mom is still the first borrower.. ?
or can i remove my mom from the loan.. and is it doable ?
i never had a loan before other then this car loan..
so i dont know how it effects my Fico Score ?
How old are you? Was the loan originally YOURS, or your mom's? She's in first position, so you probably aren't benefiting from the payment history they may be reporting to the credit companies. Only way to know that, is to check your credit report, and see if it's there.
Best way to remove your mom's name, is to pay the loan OFF with cash, then get a signed release from the bank, saying it's paid off. You then staple that to the title. Otherwise, the bank probably won't remove your mom from the loan, until you get a certified copy of the death certificate, take it to them, and ask.
As for your FICO score, that means NOTHING, until you actually need to borrow money for something else. It goes up and down for whatever reasons they decide. A paid off car loan, should jack up your FICO score higher, thus lenders MIGHT give you a loan, or give you a loan with a lower interest rate than the next guy. Unless you are planning on borrowing money in the near future, don't worry about your FICO score, nobody really cares.
If you are planning to borrow money for something say in a year or so, here's what you do: Go to the bank where you have an account. Tell them you want to "build up your credit". Ask them for a passbook loan on your bank account for as much as they'll give you. $5,000 or $10, 000 maximum say, but whatever they'll give you.
Deposit ALL that money in your bank account, and
DON'T SPEND IT! (you do, and you are screwed!) When you get the payment coupons, pay them using the money in the account they just loaned you as payments come due. Do this for about 6 months at least, and ALWAYS be on time making payments! Even make a few with additional principal added. After 6 months, or a year, pay OFF the entire loan. This will cost you a little out of pocket beyond what they loan you, but is killer for building up that credit score, just before you borrow money for a house, or something along those lines.
You can do that sort of loan multiple times, and build up the amount over time. Of course, don't then abuse the system, and try to eventually get a loan that you don't think you'll be able to pay off.
You are entitled to one free copy from each bureau per year. Also, you can check out 
