Profile picture for mookie_840

Credit scores, Husband and Wife

Who's credit score will they use or will they use? First off, I'm a stay at home mom so I have no income my credit score is 724.

My husband is our only income and his is 661.

These scores are both our middle score, we applied as him as the main borrower and me as the secondary.

We're going thru Wells Fargo and we've given our offer, it's been accepted, have an apt on friday to give WF our requested information (bank statments, w-2's, ect).

He filled bankruptcy a little over 4 years ago and I was wanting some input of what you think our chances would be for this loan to go through. It's only on $55,000 and we have the 20% down, things are looking good but I'm stressing really bad about it...PLEASE HELP...
  • February 01 2012 - Aberdeen
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Answers (5)

Profile picture for riburn3

I bought a house with my wife a year ago, and when figuring out our interest rate for our loan, as well as approval, they based it on the lowest score. 

My middle score is 742 and since she had a short credit history at the time, her middle score was 670.  We both make about the same amount of income. 

Because of this even though our combined income annually was double our mortgage, and we put 20% down, we still had to pay almost half a point above best rates due to her credit score.

In your case, your husbands credit score will be used when determining the interest rate, and his previous bankruptcy with be scrutinized.  A factor in your favor however is your mortgage is going to carry an extremely low monthly payment.  As long as he hasn't had any late payments since the bankruptcy, I would say your odds of getting a loan are good, but they aren't going to be the best possible rates.

  • February 01 2012
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Profile picture for mookie_840
We've already got our interest info, it's 4.75% which isn't too bad considering we're paying 6% now. I know it isn't good for now days but we're not frowning at it.

I'm just worried about not getting the loan :(. It's my grandparent's estate home and I really want to keep it in the family...
  • February 01 2012
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Profile picture for Ofe Polack
There are many issues related to credit approval, without all tthe details it is no fair for us to make any comments.  Discuss your odds with your lender who will have all the information  Good luck! 
  • February 02 2012
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Profile picture for NY Broker
They will use the score of the person with the income. ie your husbands.
  • February 02 2012
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Yeap, it the lowest score, unfortunately, and there is pretty big difference in rates & pricing on conventional loans.  On FHA, USDA or VA loans it would not really hurt you.
I handle North Carolina but if you need a lender  in another state, I'll be glad to refer you to a good one.
Alan
  • February 02 2012
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