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How does this work- credit and buying a home
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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How does this work- credit and buying a home
I know that in the current housing market- credit scores are more important than ever.
When there are co-buyers (me and DH) how to they come to a combined credit score? Do they average the 2? Take the better? The worse?
My uncle- who works with mortgages some how (not really sure what he does) says it usually goes by the man's credit score- no matter what "just because." I'm not so sure I belive that- plus I have a higher income and MUCH better credit score.
Can anyone explain how it works?
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Posted 5/27/08 3:26 PM  |
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Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: How does this work- credit and buying a home
each of you have 3 credit scores. they take the average of both middle scores. hope that makes sense.
ive never heard of taking the "man's score". thats sexist to me.
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| Posted 5/27/08 3:37 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How does this work- credit and buying a home
How credit scores are generated and how any particular underwriter will view a couple's credit profile will remain a huge mystery.
However I highly doubt they use "the man's" credit profile. They may take the "breadmaker's" credit profile more seriously (whether it be a man or a woman). But you really won't know.
Go to http://www.truecredit.com and get a copy of your credit report and score. I think they have credit monitoring for $15 a month. Or just take the Transunion free trial.
If your scores are over 750, you're golden and you shouldn't have to worry.
Just don't do anything drastic before applying for a mortgage. Don't close any accounts unless a mortgage underwriter says you must in order to get a commitment. And definitely don't open any new credit cards or loans during the process.
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| Posted 5/27/08 3:39 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How does this work- credit and buying a home
my DH has been in the mortgage bis for 7 + years and he has never once said that
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| Posted 5/27/08 4:18 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: How does this work- credit and buying a home
I never heard of them taking the man's score "just because."
Message edited 5/27/2008 4:25:38 PM.
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| Posted 5/27/08 4:24 PM |
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emeraldeyez
LIF Infant
Member since 10/07 351 total posts
Name:
mommy
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Re: How does this work- credit and buying a home
DH and I are currently mortgage shopping and from what I gathered, they take the lower middle credit score out of the two of us. And if that number is below 720, your interest rate will go up.
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| Posted 5/27/08 4:30 PM |
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