cancel
Showing results for 
Search instead for 
Did you mean: 

Couple -- Credit Affect With Single Income

tag
Anonymous
Not applicable

Couple -- Credit Affect With Single Income

My girlfriend and I will be moving from FL to PA soon and need to get a new house.  My question is in regards to credit scores.  A screw-up by the credit card company (which they don't acknowledge, of course, so it's staying) caused a huge hit to her credit.  The situation was resolved, but the damage has been done.  She's now hovering around 650 because of it, but mine is still over 700.  While my credit is now better, I'm a stay-at-home dad (so, no income) and she works.  Her income -- low six figures -- is more than enough to qualify for a loan with just her applying, but we both want my name on the mortgage. 

 

My question: will my not adding any income hurt the loan rate more than my better credit will help?  Would we be better off just applying with her information alone?

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Couple -- Credit Affect With Single Income

If you have no income it probably won't affect your loan approval.  If she has negative/derogatory information, we can't really help you there without you telling us what the derogatory information is on her reports, what the dates are, etc.

 

She might be able to get her scores higher even with derogatory information if you tell us what her reports look like -- how many credit cards, installment loans, what the limits and balances are, etc.

Message 2 of 4
Anonymous
Not applicable

Re: Couple -- Credit Affect With Single Income

Hi.  Thanks for responding.  I didn't go into detail about her credit situation because we already know her impact and what can be done to help.  I'm really just trying to make sure that adding me will do no harm since I don't add income to the application.  Any help it might offer would be gravy, but isn't really what we're looking for.

Message 3 of 4
kc0039
Established Contributor

Re: Couple -- Credit Affect With Single Income


@Anonymous wrote:

My girlfriend and I will be moving from FL to PA soon and need to get a new house.  My question is in regards to credit scores.  A screw-up by the credit card company (which they don't acknowledge, of course, so it's staying) caused a huge hit to her credit.  The situation was resolved, but the damage has been done.  She's now hovering around 650 because of it, but mine is still over 700.  While my credit is now better, I'm a stay-at-home dad (so, no income) and she works.  Her income -- low six figures -- is more than enough to qualify for a loan with just her applying, but we both want my name on the mortgage. 

 

My question: will my not adding any income hurt the loan rate more than my better credit will help?  Would we be better off just applying with her information alone?


It won't hurt with adding you there. You having no income is fine. With only using her income, it would be better since it's taking a more conservative approach (You don't work anyway). That way you can have your name on the mortgage.

Licensed in IL
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.