Posted on: 27th Dec, 2012 01:28 am
Hello there… I have a 734 beacon score across the board, however I only make 39000 a year. I have school loans, child support, and a car loan. My girlfriend has a 453 beacon, (medical bills from a long time ago), but makes 51000 a year with no expenses. How should I approach a loan officer? Should I put her on the loan? Can I use her income without her credit?
Hi Guest,
Well, I don't think that only the beacon score will be taken into consideration by the lender when you apply for a loan. The lender will also consider your FICO score. If both of you meet the FICO score criteria, then you will be able to get a loan.
Thanks,
Jerry
Well, I don't think that only the beacon score will be taken into consideration by the lender when you apply for a loan. The lender will also consider your FICO score. If both of you meet the FICO score criteria, then you will be able to get a loan.
Thanks,
Jerry
With the sub 500 fico, they will not be able to get a conventional loan. You could get a hard money loan, with 35% down. Other than that, you would need to fix the credit. Ask for pay for delete on the medical bills. Get the old derogatory cleaned up, then work on establishing some new credit. Add them onto another person account as an authorized user, or have them get a secured credit card. This will help boost the credit. The derogatory accounts are going to be hurting you the most.
I am agree with what Jerry has pointed out. Lenders will take into consideration your FICO score. What are the FICO scores of you and your girl friend? Without knowing that it is not possible to tell anything on your loan approval chance.
You also have to fulfill certain criteria related to your continuous employment, down payment capability so as to get approved for the loan.