My credit score is above 750, hers is about 500. She was irresponsible with credit before but she's trying to improve it now.
2007-03-20 03:48:11 · 8 answers · asked by Will 1 in Business & Finance ➔ Credit
For buying a house Credit History is much more important than credit score. Often, the lack of credit history is equated with bad credit. You should be aware that lenders will go through your credit report once you apply for loan for buying a house. Therefore you should polish your credit report. Anyway, in order to establish a good credit history and at the same time risen your credit score in a short time do following things:
1) Close all of your credit cards but one. It reflects in your credit report and it is a very good sign. For instance say that you have 5 credit cards with $1000 credit limit for each. Therefore you are responsible for $5000 of possible debt. But when you close 4 of them, now you are only responsible for $1000 of debt which lowers the level of risk of lending money to you.
2) If you have any loan, like car loan or any balance on your credit cards, try to pay more than your monthly payment for 6 months or something. I mean say your monthly due on your car loan is $150, try to pay $250 each month. Lenders can see these trends in your credit report and they see that you’re a responsible borrower.
If you don’t have such loans, I suggest getting a $3000-$4000 loan and paying it off in full in 5-6 months. You might pay $200-$300 of interest but you will save thousands of dollars in your home mortgage and interest rates.
Also checkout http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php
There are lots of articles there, related to your question, which you can find useful to boost your credit.
2007-03-21 10:39:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I was in the same situation a few months ago. It all depends on the bank you are using and what type of financing you want. We have decided to go with Wells Fargo, because they said that they only use the score of the person who makes more money. If you make more, you could be in luck. But you should be able to call any bank and ask them this question. They will give you a straight answer. Hope this helps.
2007-03-20 03:52:28 · answer #2 · answered by questions1440 2 · 0⤊ 0⤋
Depends on the bank. Your agent should be able to help you with this. Some banks only go off of the persons score that makes the most money, some go off of both. Shop around and you will find one that will work with you.
2007-03-20 04:07:06 · answer #3 · answered by ? 7 · 0⤊ 0⤋
Welcome to the crowd. I had perfect credit and my husband had terrible credit. I took all his debt and consolidated them and ripped all the credit cards he had. It took me about 1 year to fix his credit. Only thing he is allowed to have is a debit card. Now we both enjoy good credit. By the way, I took a bank loan under my name and paid everyone off. We only owed the bank.
2007-03-20 03:54:14 · answer #4 · answered by Pinolera 6 · 0⤊ 0⤋
No not really just shop around for the best deals my sister and her partner had same issues and a friend of mine they still managed ok good luck :)
2007-03-20 04:00:33 · answer #5 · answered by clare w 4 · 0⤊ 0⤋
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2016-10-02 10:54:24 · answer #6 · answered by ? 4 · 0⤊ 0⤋
You should try to purchase it yourself. If the bank will loan you the money alone, do that, and then put her on the deed if that's important to both of you. (It *should* be important to both of you.)
2007-03-20 03:51:32 · answer #7 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋
some places it will matter...others it wont...
when you call your real estate agent ask them if credit is a problem...if they say yes...move on to someone else
2007-03-20 03:51:33 · answer #8 · answered by awalkwithdestiny 2 · 0⤊ 0⤋