10-01-2013 07:08 AM
Hoping to start applying here shortly and I'm curious, one of the the things for the app is income. Do you list only YOUR income or if you're married, do you list household income?
Also, what is a good percentage for DTI? Is this household income or personal income? I seen a few posts about people being borderline on their DTI percentage and I'm curious what borderline is.
10-01-2013 07:24 AM
it depends. whats your future plans? if you plan on borrowing in the future take into consideration that the borrowing power might be compromised. i always thought its best to spread things out. assuming you have this as an option, put some things in your credit with your income and some things with your wifes name and wifes income....best way to maximize your goals. if you want to refi your home or buy an investment property but your borrowing power is limited because of a car note...something to think about...
also with regards to a car i think they are a little more flexible then a mortgage because if you default on the car note then the bank will take your car back while your sleeping! they always will hold the title until....
10-01-2013 07:38 AM - edited 10-01-2013 07:41 AM
Well, I currently had both of the cars in my name alone. Both cars originally financed for around $15k. I just paid one off which we'll be keeping and I'll be trading in the other that we are currently paying on. I'd like to put it in my wife's name but her income alone is only $35k and I'm sure that won't be enough....... Our mortgage is in both of our names.
I'd like to refinance our home now actually. We're currently at %6.25 and we're upside down pretty bad. We bought our house in 07 right before everything went bonkers.
We might possibly be in a situation to purchase a family member's house in 2 years.
I'm REALLY trying to get my wife out of the van she's in currently because it's been a hassle and has more things going wrong with it.. I plan on using the money I saved from paying off the other vehicle for additional payments on the new vehicle.
10-01-2013 09:26 AM
Your best bet is probably going to be to go in and work whatever deal you are able between trade in, down payment and new vehicle cost. Once you have it all down then make a loan application based on your wife's income only if that is your desire. If the dealership says that they need more income then you can join in on the loan or put it in your name. But don't volunteer that you have income or are willing to do this upfront. Let them work with her first and see what can be done.
Understand that any move you make as far as vehicles could have an effect on whether you can qualify financially for any mortgage refinance. Debt to income plays a large role in that. You may need to decide which is more important to you first.
10-01-2013 10:07 AM
Is DTI more lenient for auto loans? I mean, it would make more sense for me to get a refinance setup first and then apply for an auto loan after..... my DTI won't change with the refinance like it will with the auto loan.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.