We may try to refi our house....so my quest is do they run both our credit and take the better score or do they average out both of them???? Not sure how this works now that we are married and DH originally bought the house in his name only.
skinny237
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Re: Credit Question
I read a few articles that said that they go by the lower credit score. (I wish they would average them though. DH has perfect credit and mine is only pretty good.)
teenigrrl
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they take the lower score. we're buying a house now, and DH has slightly higher scores than mine. they base it on the average of the lower person's scores.
Jenn04
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They take the lower score as in the worst score????
Espo22
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Posted by Jenn04
They take the lower score as in the worst score????
or you can do it just on one persons name. If one person doesnt have great credit then dont even put their name on it. Make sure one of you have at least 620 to even get a pmi. But if anybody has lower than 620 then dont bother doing both
Jenn04
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Posted by Espo22
Posted by Jenn04
They take the lower score as in the worst score????
or you can do it just on one persons name. If one person doesnt have great credit then dont even put their name on it. Make sure one of you have at least 620 to even get a pmi. But if anybody has lower than 620 then dont bother doing both
We both have good credit but I think DH's is better than mine and we want to get the best rate possible and will do whatever it takes!
teenigrrl
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Re: Credit Question
Posted by Jenn04
They take the lower score as in the worst score????
my scores are about 15 points less than DH's, so they used my scores. let's say my scores were 740, 750 & 760. they would average it out, and the score they would use would be 750. they don't use the absolute worst score, just the average of the lower person's score.
Jenn04
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Re: Credit Question
Posted by teenigrrl
Posted by Jenn04
They take the lower score as in the worst score????
my scores are about 15 points less than DH's, so they used my scores. let's say my scores were 740, 750 & 760. they would average it out, and the score they would use would be 750. they don't use the absolute worst score, just the average of the lower person's score.
Ok thanks for the info...that definitely helps. If DH's credit is much better than mine than we may just keep the house in his name only.
MrsHtobe
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Yes, its the lower person's score.
But my question is - if you only go with the higher credit scorer's name. . .do they only take his / her's income into consideration?
DH and I just went and got preapproved - my score was lower than his, but they told me that since its above 740 it doesn't matter, because we would get the best rate. . . .so we didn't really question it. . .
teenigrrl
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Re: Credit Question
Posted by MrsHtobe
Yes, its the lower person's score.
But my question is - if you only go with the higher credit scorer's name. . .do they only take his / her's income into consideration?
DH and I just went and got preapproved - my score was lower than his, but they told me that since its above 740 it doesn't matter, because we would get the best rate. . . .so we didn't really question it. . .
if you do it with only the person with the higher score, and have them be the only person on the mortgage, they will only take into consideration that person's income, not a combined income.
MsPotterhead
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So, 740 is the lowest score you have to have to get the best rates? Can you get better rates if your score is higher? We have to start looking into this.
MrsHtobe
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Posted by MsPotterhead
So, 740 is the lowest score you have to have to get the best rates? Can you get better rates if your score is higher? We have to start looking into this.
At bethpage credit union they told DH that as long as we (and by we, I mean Me, not him haha) stay above 740 that we will get the best rate.
MsPotterhead
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Re: Credit Question
Posted by MrsHtobe
Posted by MsPotterhead
So, 740 is the lowest score you have to have to get the best rates? Can you get better rates if your score is higher? We have to start looking into this.
At bethpage credit union they told DH that as long as we (and by we, I mean Me, not him haha) stay above 740 that we will get the best rate.
