Both of us do not have the best of credit but his is better than mine. If we want to take out a loan (house or school) is it better for him to try for it on his own or include me to show our second income?
2006-11-27 03:40:18 · 6 answers · asked by betsymaemae 2 in Business & Finance ➔ Personal Finance
I had a similair problem when buying my new car. We first applied for everything together but when the dealrship reviewed our credit and determined that his was better than mine, they informed us it would be better to buy the car in his name only. I'd say let him apply on his own, and if they require a co signer try for it. Hope this helps!
2006-11-27 03:43:51 · answer #1 · answered by ? 2 · 0⤊ 0⤋
That greatly depends on a qualifying factor that lenders use called a "debt-to-income" ratio. If your fiance can qualify by himself, using only his income, and his credit is better, you will most likely be able to secure a much better loan program with a lower interest rate and lower costs.
Since your husband would be the only borrower on the loan, the lender will only be looking at debts he has on under his name. And since you will only be using his income on the loan, any monthly debt obligations that are under your name will be omitted. This can help the situation if you have a lot of the bills in your name, since your credit isn't being used.
2006-11-27 04:01:52 · answer #2 · answered by Justin 3 · 0⤊ 0⤋
Firstly, it would depend on the lender's credit policy. You should first meet with a credit counselor. If you are a member of a credit union (very different from a commercial bank!) this service is generally free to members. You can find a credit union in your area to which you qualify for membership at www.NCUA.gov. If there are no credit unions in your area you can call your bank and see if you can meet with a loan officer to discuss your options. Good Luck!
2006-11-27 03:45:21 · answer #3 · answered by Inquisitive125 3 · 0⤊ 0⤋
Not often do you get a conjoined loan. Better under the name who is making the more of you two and include the lower income as a second money source. Good luck
2006-11-27 03:44:07 · answer #4 · answered by rowbear2000 3 · 0⤊ 0⤋
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2006-11-30 01:23:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes interest rate will be higher or if its really bad you could be denied altogether
2006-11-27 03:48:28 · answer #6 · answered by lilloric 7 · 0⤊ 0⤋
he should try on his own
2006-11-27 03:48:55 · answer #7 · answered by elizabeth_davis28 6 · 0⤊ 0⤋