Credit Card Center Advertiser Disclosure†
11-21-2012 07:31 PM
11-21-2012 10:12 PM
My paycheck is deposited into he family joint account. I have a separate account that I use for "fun money" which is about 10% of each paycheck. I usually end up spending most of it so the balance is usually low in that account. Will that look bad to the underwriters and/or LO? The joint account is built up fairly well.
I am assuming they will be able to tell where the rest of the paycheck is. Will I need a letter explaining the transfers?
You will need to provide at least 2 months of bank statements and yeah I would use those since that is where part of your income goes.....shouldnt be a problem as long as there are not any random deposits or OD charges....and at most you may need some LOEs
11-22-2012 08:00 AM
11-25-2012 09:02 AM
The other joint account holder is my husband, who will also be on the mortgage. Will I still need a letter?!
No but the are going to request statement from that account as well.
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.