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Trying to buy with different credit scores.. Need advice!

My husband and are a looking to buy a home in May. I have been working improving my score by paying down my revolving accounts. They will be all zero balances by the end of this month. My current credit score is 649. I am hoping to bring it to 700+. My husband's credit score is a 595. He has minimal open accounts such as an open auto and a student loan (well paid) all prior credit is charged off (all from 2001) and 1 well paid off auto loan. He also has a charged off auto loan that was taken out for a relative back in 2001.My question is should we leave his credit as is or should we try to boost his credit score as well. If so, how should we go about that? Thanks for your help!

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April 01 2009 - Mission Valley
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Profile picture for Potato Head
In median score, do you mean middle?  Cause that is what I was always told: it's the lowest of both middle scores.  But then again, I'm just a potato farmer.
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April 01 2009
Your rate is determined by the lowest median score. If your lowest median score is 680 and his is 550 your rate and program will be determined by his.  Anything below 600 with non medical  collections is unlikely to get approved....even FHA. If you need to use his income to qualify you need to get his score up and cleaned before you go house hunting 
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April 01 2009
Profile picture for sunnyview
I think your best bet is getting both of your credit scores as good as possible. You are on the right track paying down debt. I would also ask your cards to raise your crdit limit on those cards so that your credit usage percentages look better. That may boost your score a little even while you pay them down/off. Also, do NOT close the cards after they are paid. Leave them open or your score will drop when you close them. I would take a look at this article here on bankrate about boosting your score. I would also read through the credit card tips here. Pay attention to their boost your score no-no's that are common mistake people make who want to raise their score. Hope the links help. You sound like you are on the road to ownership. Best of luck.
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April 01 2009
 
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Trying to buy with different credit scores.. Need advice!
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Latest answer by Potato Head
April 01 2009 | 3 answers
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