does anyone know when lenders check your credit rating and income...

kpny622 Posted: Jul 14, 2004 09:38 AM

does anyone know when lenders check your credit rating and income...

is it possible that they can only look at one spouse's credit rating, but consider both spouses income? meaning, if one spouse has a better credit rating, but the other spouse makes more money with a bad credit rating, will they take both incomes into account without reference to the bad credit rating?

KarenB Posted: Jul 14, 2004 09:40 AM

Re: does anyone know when lenders check your credit rating and income...

They will look at both credit scores. If 2 people apply for a mortage together, both of their credit matters. A good idea b/4 you go to approve for a mortage would be to get your credit from all 3 bureaus and clean up any mistakes in there. You can get this from experian.com, it is called the tri-bureau report.

kpny622 Posted: Jul 14, 2004 09:43 AM

Re: does anyone know when lenders check your credit rating and income...

I heard that even if only one spouse applies for the mortgage, there is still a way that both spouses names can be on the deed. Does anyone know about this?

Also - anyone know if you can still get a mortgage if you have a bad credit score?

KarenB Posted: Jul 14, 2004 09:48 AM

Re: does anyone know when lenders check your credit rating and income...

Hi KPNY

I don't know about your first question. The answer to the second one is yes, but you will pay a higher rate of interest depending on how bad the credit rating is. I also think your down payment would come into play at that point.