Mortgage Loans

[Luna2012]

Hello, this is my first post here, my boyfriend and I are expecting our first baby this summer, so now we are wanting to get a house. He has excellent credit, I don't! My Equifax fico is 558, I'm thinking it will go up because I've just had 2 collection accounts agree to a deletion. My question is, will my bad score DQ us from a mortgage even if his is excellent? Thank you for any help!!! I didn't realize how bad my credit was until recently, he has no idea

[drkaje]

If you're both planning to be on the mortgage, it's very likely.

[Catacam]

Is it possible for him to qualify on his own, income wise? If so, you can go that route.

[Luna2012]

Thank you! I'm hoping he can qualify on his own! Do you think with 2 CA's deleted today my score will go up.

[Catacam]

I would say YMMV (your mileage may vary) on whether or not it will go up. Some people get large boost in score when a CA deletes, and some don't see much of a jump.

Stay viligant and positive and do as much research as possible!

[StrateUp]

Him not knowing is a GREAT way to start house shopping....or anything else.

[Luna2012]

Thank you

[Luna2012]

StrateUp, I didn't realize how bad my credit was and I didn't come on here for discouraging comments but thanks anyways

[drkaje]

You should really be upfront about credit/finance stuff. People really don't like surprises, especially when sitting in front of a loan officer.

[FrugalRican]

I thought I had already posted here? I guess it didn't go through.

Anyway, again, Luna I'd advise you to tell him now. You just found out yourself.

I've seen people be surprised by their SO's being on ChexSystems or having terrible credit and it was never a quiet scene shortly afterward.

Let him know what the situation is so it can give you two a better sense of timing. The last thing you want is having him find out in front of a loan officer, and trust it's never easy to break the news and then realize one of the two in the party didn't know. This forum is a wealth of knowledge for credit repair, but it'd definitely help if you had his support as well in doing so. Who knows, he might even try to help you out as well with all of this. I know I'd help my DGF. She helped me.