Posted on: 30th May, 2009 04:30 pm
How does the bank come up with a score for both of you do they take the average of both of your scores?
Tamara,
When they run your credit score, they inquire with all three agencies...for each of you. Most of the time, each agency will give you a different score. For example (689, 700, 710). They use your middle score so in this scenario, the bank/lender would use 700 as your score. When two borrowers are applying for the loan, the banks use whichever middle score is lowest. So, if your middle score is 700 and your husbands' is 620, then the banks will use 620 as a basis for determining your ability to qualify and your rate.
When they run your credit score, they inquire with all three agencies...for each of you. Most of the time, each agency will give you a different score. For example (689, 700, 710). They use your middle score so in this scenario, the bank/lender would use 700 as your score. When two borrowers are applying for the loan, the banks use whichever middle score is lowest. So, if your middle score is 700 and your husbands' is 620, then the banks will use 620 as a basis for determining your ability to qualify and your rate.