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Old 05-20-2015, 04:00 PM
 
24 posts, read 24,051 times
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First time home buyer here! We're going conventional with 20% down. My husband's credit score came back as 728. Mine is over 760. How much might his score be hurting our rate given it is below 760? (Our rate is 4% -from today). Not really sure why his score is that low, he has student loans and a car lease for which he's been on time and no credit cards.... at this point it is what it is but I'm curious.
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Old 05-20-2015, 06:38 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
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My guess his score is costing you around 1/2 point to 3/8 point or .125 in rate. If you would have required PMI, the lower score would have stung a bit more. Also, I suspect his lack of credit cards is what is holding his score down. Actually, I am certain that is why.
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Old 05-20-2015, 06:42 PM
 
21 posts, read 30,909 times
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Did you look over his credit report to see what was on it? You can give written explanations to your lender on anything in the report. They might consider his score higher with that. CreditKarma.com is free.
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Old 05-21-2015, 06:11 AM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
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Quote:
Originally Posted by CathLean2 View Post
Did you look over his credit report to see what was on it? You can give written explanations to your lender on anything in the report. They might consider his score higher with that. CreditKarma.com is free.
No offense, but anyone with an active contract and loan application in process, no lender that I know of would even accept a written explanation why their score isn't higher, especially since there are no late payments, collections, or judgments. CreditKarma may be free, but the OP is way beyond that.
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Old 05-21-2015, 09:20 AM
 
4,542 posts, read 11,544,610 times
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Quote:
Originally Posted by someday73 View Post
First time home buyer here! We're going conventional with 20% down. My husband's credit score came back as 728. Mine is over 760. How much might his score be hurting our rate given it is below 760? (Our rate is 4% -from today). Not really sure why his score is that low, he has student loans and a car lease for which he's been on time and no credit cards.... at this point it is what it is but I'm curious.
As Smartmoney states, his score of 728 is having very little negative impact on your rate.
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Old 05-21-2015, 03:06 PM
 
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The 728 is fine and creditkarma.com does not give you a true Fico score.
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Old 05-21-2015, 05:26 PM
 
203 posts, read 196,679 times
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Generally the lowest score needs to be 740+ to get the best rates, so it's likely that you'd be able to get under 4% if the score was higher. Rates have gone up in recent weeks, we were able to lock in 3.75% with a 770 score in March. You can always shop around more.
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Old 05-21-2015, 07:57 PM
 
24 posts, read 24,051 times
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Thanks everyone for the info!
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