It's hard to say if you would get approved, assuming your father's ratios are in line and his income meets you should be able to get approved. The number one reason that co-signers with good credit get denied is because their debt to income ratio is too high, I have seen a change in philosophy with respect to co-signed loans as banks are seeing that since times are tough, co-signers are simply not paying on co-signed loans. They want to make sure that your father truly has enough income to pay on the loans should you default.
Generally speaking banks use something called "performance based pricing", this takes your credit score and assigns an interest rate based on the credit score. Most banks I know will price the rate on the higher of the two borrowers, in other words you should be able to go off your father for the better rate, this is seen more with auto loans.
· 6 years ago