Click To View Links

My Credit Score

by Anonymous
(Arizona)



My husband and I have a combined credit score of 597. Is it even worth applying for a loan or should we work on our credit for a couple more years and then apply?

Answer....

How was your combined credit score figured? Can you give me what each of your credit scores are?

Jeff

Her Response.....

I think I used a formula a family member gave me. My credit score is 594 and my husband's 620.

My Response.....

Thank you for giving me your scores.

Normally lenders will use the lower of the two borrowers (in this cases yours) to determine the credit worthiness of the loan.

With your lower score at 594, I assume there have been a few things in the past that caused the low scores. Or perhaps you are new in making a name for yourself with credit.

I would think you may be a possible candidate for an FHA mortgage. In today's lending environment, FHA has the most relaxed credit requirements. However they do currently have a requirement of 620.

Sometimes the FHA underwriter can make an exception, especially if your husband is the primary wage earner, and does not have more that two 30 days late payments in the last 2 years.

You just have to try. Since I know very little about your credit file, I cannot tell you for sure. However, when I was in the mortgage business (I'm not any longer) I would have taken your loan application and let the underwriter make the call.

Hope this helps.

Jeff


Comments for My Credit Score

Click here to add your own comments

My Credit Score
by: Alice

This really helped me!!! I was wondering if it was possible to get an average score by combining my score with my husbands. Now I know, thank you so much!

Click here to add your own comments

Return to Credit Questions.

New Jersey Grants

Click on Image to Learn More

South Carolina Grants

Click on Image to Learn More

Recent Articles

  1. Great Southern Homes

    Nov 01, 17 03:23 PM

    Great Southern Homes, the biggest Home Builders in South Carolina and a renowned voice in new home constructions. ____________________________________________________________

    Read More

  2. Ann Carr Real Estate

    Nov 01, 17 03:19 PM

    Whether you’re a long-time resident, moving to or moving away from the Abilene, TX area, I hope we can work together to simplify the home buying and

    Read More

  3. South Carolina Real Estate Agents

    Nov 01, 17 03:08 PM

    Looking for South Carolina Real Estate Agents? Find the best SC Real Estate Agents and Brokers listed here in this FREE directory.

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter