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Profile picture for Sathiya Deva

I have a good credit score of 780 and my wife doesn't have any credit score

I have a good credit score of 780 and my wife doesn't have any credit score. She was mostly using debit card and she was on my rental lease as well. We both make 180000+. I am unable to get a loan of 460,000, because she doesn't have any credit score. Any advice
  • June 30 2009 - Thousand Oaks
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Answers (9)

A couple of my Portfolio Lenders only use the credit score of the primary wage earner. If you can document that you earn the largest part of your household income this may work for you. .... Happy funding, Rudi Hofmann
  • June 30 2009
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If you qualify without her then remove her from the loan and place or keep her on title. It will in theory at least make your loan and life easier. We add or remove people all the time based on income and credit. Your loan officer should have mentioned this to you as a possibility. Good luck.
  • June 30 2009
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You may be able to qualify for FHA financing depending on what State and County you want to buy in.  FHA accepts non-traditional credit, such as rental payment, insurance payments, utility bills, etc. FHA does limit the amount they will lend on the state and county, though.  You can find the limit by going to HUD's site:  https://entp.hud.gov/idapp/html/hicostlook.cfm

All you need to do is fill out the county and state.  You'll have to pay attention to the type of house (FHA lends more on multi-units than single-units.)  for example, when I fill in MI and Kent county, the single family limit is $271,050.  This means the FHA mortgage can't exceed this amount.

Good luck!
  • July 02 2009
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Profile picture for FinancialResources
Absolutely. There are several programs that will allow you to do this.
As long as both incomes can be documented, certain "Non-Traditional" methods can be used for her credit rating. You also would need to know which spouse earns more money.
  • July 04 2009
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If you live in Ventura County then FHA is not a problem for your loan amt. Alternative credit is an option if she is on any of those accts like power bill, gass bill, water bill, cable/satellite, cell phone, car insurance, etc. You say she has the rent history along with you from the lease but you need at least 2 more accts, maybe 3, and my guess is that you dont have that either. You need to build her credit and I would do this:
Add her as an authorized user to any of your revolving accts ( the credit bureaus supposedly fixed this loophole some time back but I would do it anyway ). Contact a couple of the credit card companies you use to set up an acct in her name WITH you as an authorized user on hers ( this way they will check both of your credit histories and stand a better chance of getting a new acct ). If her name is not on any of the alternative accts either, try to add her to the utility bills and any other accts that do not report to the bureaus.   
  • July 05 2009
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How much you putting down? If you like you can get the privet money but you need to come up with 40 % down payment. Purchase SFR / 40 % down closing in 5-7 working days.
  • July 05 2009
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Peyman, I doubt if Thousand Oaks is desperate enough to go for those terms, and at what rate, 12-15% and 2 or 3 points? BTW, it is private money.  
  • July 05 2009
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Yes, its possible.
You can put in a loan rquest on Zillow mention the above in the notes to the Lender.
You should get a couple of responses via e-mail.
  • July 05 2009
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Profile picture for Mister Info
Sounds like you have a solid enough credit profile and income to qualify for the new loan on your own. Another option if you have enough time (approximately 3-5 months) is have your spouse build a solid credit profile. You can do this quickly using the methods outlined below.

1.) The #1 easiest and fastest way to increase her score is to add her onto all your credit cards as an authorized user. She will likely see the largest jumps in her score occur from this
2.) Have her apply for a secured credit card.
3.) Go out and make purchases on the card but make sure the total balance on the card always stays below 30% of the total credit limit.
4.) Make sure you pay monthly payments on the card, not the full balance on time and consistently.
5.) Go apply for store charge cards like target, banana republic, macy's etc.. Pay all on time using the same formula as above
6.) After her score gets into the high 500's apply for a bad credit, high interest unsecured card.

After doing this you'll likely be able to get her above a 620 and be in position to move forward with the joint account loan. If all this seems a bit intimidating then I recommend getting the help of a reputable credit repair professional. My sister used this company [content removed by moderator for being self-promotional]  last year who helped her implement similar strategies and was able to get her score from the low 500's to the upper 600's within months.
  • August 02 2009
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