Credit/Home Loan ?

m3l
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My husband makes 125,000/yr (employed at same job for 4 yrs) but his credit scores are 574,502,558. I am unemployed and my credit scores are 704,676,690 and we are both eligible for VA. We would like to buy a home and are wondering if me co-signing is an option that would help get approved

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February 13 - US

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Answers (4)

Maria Avellaneda, "MAvellaneda"
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Not sure what you are asking, but do not buy any new cars. This will make his credit worst. More bebt to i come ratio. A couple of things, pay any collections And all collections. Start by paying the small ones , try to work with the companies of the cars for a reduced amount and asked tha debt be shown as paid infull. Do not close any credit cards. Pay credit cards as much as possible. To increase your score none of your credit cards should have a balance of more than 30% of the credit line. I.e. If your credit is 1000, never have a balance of more than 330 more or less this is a simple thi g tha makes a difference. It seems like you have not pay attention to your bills mortgage companies do not like this. Your goal is a home? Cut all un essential expenses. Allow youselfes a very limited amount for splurs and pay off all debt, keep your cars until they fall. in pieces and if you have to buy a car do not buy an expensive car. Definitely a 3-4 year old. Do not buy more house than you need and do not expend all they qualify youfor unless you absolutely have to. Good luck. Ah write everything you buy foe 2 weeks, every penny and see were your money is going so you can make changes to your soending habits. Never pay cash pay with debit cards so you can have record of all your expenses. You will be surprise how much coffee and gum and sodas add up. Lets us know when his score is at least 640. Every 20 points in your score after that gets you a better deal.

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February 14

m3l
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Thanks all for your help and replies-When we pulled his credit from Equifax it shows 1 repo w/balance of 7000 (from 2007)and another vehicle that he totaled in which after insurance paid out the balance left was 6,000 (from 2008). From looking at the report I imagine this is why it is so awful. The report mentioned his debt to income was horrible, this I did not understand as the 2 vehicles and some other minor(comparatively speaking) balance charge offs and collection accounts most of which he will be having removed due to them being from 2004. Not sure what the heck to due-save money for down payment and let the vehicles age and fall off or pay them and not save, not sure of the best way to get his credit score up???

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February 14

Cindy Quinton, "Cindy Quinton"
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I agree you really need to understand WHY his scores are so low. You can go to www.annualcreditreport.com and get copies of all three credit reports.

I got great advice on getting my scores up from www.myfico.com . I read the information, read the forums, and asked some questions. In three months our lowest score has gone from low 500's to low 600's. Some of the things we did were astonishingly easy and low cost.

If you don't get answers from some of the VA lenders, be sure and bump this thread in the morning. Good luck and thank you both for your service.

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February 14

Maria Avellaneda, "MAvellaneda"
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The loan officevr will be the best person to answer this. The question is why does your husband ha such low credit, Before you buy ahome with him you might want to review his credit report and understand what is the issue and find out ways to fix it. Is it his behavior . Paying lete, not paying , over spending et. No matter how much you make , you cn always spend more than you make.