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Old 09-10-2008, 07:05 AM
 
Location: Charlotte, NC
1,808 posts, read 5,774,769 times
Reputation: 746

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Thanks all for your replies.

Our situation is this. I make way less money than DH, but have better credit scores and a longer credit history. So I was curious to know if it makes sense to leave his credit scores off our loan application... but that would mean we would qualify for a smaller mortgage (I guess?) since we would only be factoring in my income.
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Old 09-10-2008, 07:46 AM
 
741 posts, read 3,217,375 times
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Quote:
Originally Posted by ctribucher View Post
Thanks all for your replies.

Our situation is this. I make way less money than DH, but have better credit scores and a longer credit history. So I was curious to know if it makes sense to leave his credit scores off our loan application... but that would mean we would qualify for a smaller mortgage (I guess?) since we would only be factoring in my income.
I'm wondering if you recieved the note on left for you about this..?
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Old 09-10-2008, 07:49 AM
 
Location: Charlotte, NC
1,808 posts, read 5,774,769 times
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I did - thanks!

Quote:
Originally Posted by NC little foot View Post
I'm wondering if you recieved the note on left for you about this..?
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Old 09-12-2008, 12:30 PM
 
Location: Charlotte
52 posts, read 117,021 times
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At times, it can be beneficial to leave a spouse off the loan for credit purposes. If you have a 620 or higher credit score, you will qualify for the same interest rate as someone with a 750 score if you are doing FHA financing. your rate is about .125% to .25% higher if you have a 580-619. If your loan will be conventional and your score is under 680, you may want to do some quick credit repair to boost you over the 680 mark.
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Old 09-13-2008, 09:21 PM
 
82 posts, read 282,819 times
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690-719 is good but you really want a 720+ If you have something on your credit report like a late pay that is erroneous then your score can be fixed in a relatively short period of time with the creditors cooperation.
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