Posted on: 18th Jun, 2006 07:04 am
Hello,
My husband and I are first time home buyers. I have a credit rating of 603 and y husbands is 673. Would we be better off if he applied for the loan since my credit rating is low?
Thanks!
My husband and I are first time home buyers. I have a credit rating of 603 and y husbands is 673. Would we be better off if he applied for the loan since my credit rating is low?
Thanks!
Hi, You can always apply for the loan but if getting the loan is of not that high priority then I can suggest you to work on you credit. Improve you credit a bit as this will allow you to have better loan programs.
Thanks
Thanks
Hi,
It seems that you and your spouse already have moderate scores which will help you get loan approvals at a higher rate of interest. Therefore, I will suggest that you follow the steps for credit repair and increase your credit rating so that you can get much better offers.
Thanks,
Jerry.
It seems that you and your spouse already have moderate scores which will help you get loan approvals at a higher rate of interest. Therefore, I will suggest that you follow the steps for credit repair and increase your credit rating so that you can get much better offers.
Thanks,
Jerry.
Hi,
Welcome to MortgageFit Forums.
It's a good suggestion to work on your credit history and try to get it repaired. But if you still wish to go for the loan your husband can apply solely in his name as he has a better credit.
To do so he must be the principal earner and his income must qualify the loan standards.
Feel free to ask if you have more doubts.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
It's a good suggestion to work on your credit history and try to get it repaired. But if you still wish to go for the loan your husband can apply solely in his name as he has a better credit.
To do so he must be the principal earner and his income must qualify the loan standards.
Feel free to ask if you have more doubts.
God bless you.
For MortgageFit,
Samantha
Hi,
Don't be upset. Your score is not too bad to qualify for a loan. However, if your score becomes little better then you will get lot of options and can choose the best option accordingly. You can also wait for sometime to improve your credit score the apply for a loan. I will suggest you to do a market survey before applying for a loan and also consult with a good lawyer.
Don't be upset. Your score is not too bad to qualify for a loan. However, if your score becomes little better then you will get lot of options and can choose the best option accordingly. You can also wait for sometime to improve your credit score the apply for a loan. I will suggest you to do a market survey before applying for a loan and also consult with a good lawyer.
Hi,
Don't be upset. Your score is not too bad to qualify for a loan. However, if your score becomes little better then you will get lot of options and can choose the best option accordingly. You can also wait for sometime to improve your credit score the apply for a loan. I will suggest you to do a market survey before applying for a loan and also consult with a good lawyer.
Don't be upset. Your score is not too bad to qualify for a loan. However, if your score becomes little better then you will get lot of options and can choose the best option accordingly. You can also wait for sometime to improve your credit score the apply for a loan. I will suggest you to do a market survey before applying for a loan and also consult with a good lawyer.
Since the both of you have average credit score ratings, applying for a home loan would give you good chances of approval, although you will be given a slightly higher interest rate. If buying a home is not a top priority, then I suggest that you work on improving your credit scores first to score lower interest rates. Make sure that you pay your credit card bills on time and make sure to keep your credit utilization ratios low to hastily increase your credit scores. And always, keep a check on you credit scores.
it is possible to refinance even with a low credit score. there are companies which specialize with people who have bad credit; however, you should not expect to be given an attractive refinance rate. the best thing to do before applying for a refinance is to improve your credit so that you could get the best deal in the market. pay your bills on time and lower your credit utilization ratio to increase your credit score.