Posted on: 29th Oct, 2013 01:45 am
I earn a good amount and I have a credit score of 684. I can put down around 25% - 30% down payment. My fiancée, on the other hand, has excellent credit score but no income. If I put her on the loan application, will I get a good rate? Or should I go for it alone?
Hi Guest,
As your girlfriend does not have any kind of income, I don't think her name will be added to the loan application. Thus, your scores and income will be taken into consideration by the lender.
Take care
As your girlfriend does not have any kind of income, I don't think her name will be added to the loan application. Thus, your scores and income will be taken into consideration by the lender.
Take care
For the purposes of mortgage rates and pricing, the lowest of the two middle credit scores is used.
So, adding your finace just to show a higher creidt score does no good. Your middle score is still the lowest of the two.
Not knowing the reason for your score of 684, you may be able to pay off some credit card debt and increase your score. Put 20% down instead of 25% down and use the money to pay off debt and increase your score. If that is not possible, work with your score of 684 and put 25% down.
So, adding your finace just to show a higher creidt score does no good. Your middle score is still the lowest of the two.
Not knowing the reason for your score of 684, you may be able to pay off some credit card debt and increase your score. Put 20% down instead of 25% down and use the money to pay off debt and increase your score. If that is not possible, work with your score of 684 and put 25% down.
