If me and my wife go to apply for ahouse and she has good credit will it matter that my credit is bad?

Question

Like if i am a co signer will they just take into account how much i make?

Answer 1

A co-signer is usually required when the first person cannot qualify on their own so your (bad) credit will come into play. Yes, they will check up on you. If you were the bank and someone wanted to borrow two hundred thousand dollars, wouldn't you check on everyone? And wouldn't you think twice about loaning money to someone with bad credit? Of course you would.

Some financial institutions are more lenient than others, but it means the loan will have a higher interest rate to offset the higher risk they take. Shop around.

Good luck.

Answer 2

It certainly does matter. Even if you didn't sign I would bet they would check your credit history too.

Look at it this way. It is known that if you have say 10 credit cards with $5000 limits on each of them, but nothing on them, you would think that all the people looking at you for a loan would see is good credit, but instead they see something else. They figure that if you get in trouble for any reason you might use those cards, now if that happened that would be like if you applied for the house loan and said that you have a $50,000 loan that you were also paying on and that would make them nervous about you paying them, so they do look at this.

Now you have bad credit, can your wife teach you good credit habits? They don't know, and it will certainly make them nervous.

Will it matter enough that you won't get the house? We can't really tell that.

Answer 3

Yes it matter. If you buying the house together they will look at both people's credit history.

Answer 4

Bad credit no house.

Answer 5

no it is not a matter, but u should careful that ur wife should not be egoistic nature.