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jharp25
Posts: 6
Registered: ‎08-04-2012
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?

@webhopper:  Thank you!  That is interesting that it's possible for him to apply for a mortgage and use my income but not my score...Does that have a term or name for that type of loan?

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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?

Sorry if that was confusing. No your income wont be on the loan application; but the fact that you have income not included on the application could be a factor used by the lender to approve your husband for a higher DTI ratio. I still think you guys should talk to usaa mortgage Dept just to get an idea of what their allowable ratios are.

Starting Score: 08/29/2011 TU 671 EQ 674
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drkaje
Posts: 3,492
Registered: ‎07-25-2008
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?

Victoria's Secret is backed by WFNNB, a company very amenable to goodwill. If you dig through the rebuilding forum, there are people with contact information. They're probably one of the easiest companies to deal with, in that regard.

 

For those who don't know: USAA also holds authorized users responsible for their charges in cases of primary default. USAA has the riskiest AU policy I've ever read.


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO, TU 738
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jharp25
Posts: 6
Registered: ‎08-04-2012
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?

@webhopper: Thank you!

 

@drkaje:  I signed up for Sky Blue credit repair yesterday and I paid them the initial month payment of $50.  Are these things that they will do - try to get late payments removed?  Will they work with VS for me?  I'm all for calling AmEx on Monday, but I'm unsure of what Sky Blue will be doing, and I don't want to get any of these creditors annoyed if we we both contact them on my behalf.    I want to at least get my initial payment out of them but I only signed up yesterday, so I haven't actually spoke with anyone yet...

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drkaje
Posts: 3,492
Registered: ‎07-25-2008
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?

Personally, I'd chalk the $50 up to experience. Amex and VS can be done faster, better, and with no confusion on your own.


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO, TU 738
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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?


jharp25 wrote:

@webhopper: Thank you!

 

@drkaje:  I signed up for Sky Blue credit repair yesterday and I paid them the initial month payment of $50.  Are these things that they will do - try to get late payments removed?  Will they work with VS for me?  I'm all for calling AmEx on Monday, but I'm unsure of what Sky Blue will be doing, and I don't want to get any of these creditors annoyed if we we both contact them on my behalf.    I want to at least get my initial payment out of them but I only signed up yesterday, so I haven't actually spoke with anyone yet...


You will have way more luck dealing with the creditors on your own rather than relying on a credit repair organization.  If I were you  I would cancel my agreement with Blue Sky, or just not move forward with them. 

 

Your issue with lates on Victoria Secret may be resolved with a simple phone call or letter.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
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User273165
Posts: 133
Registered: ‎03-29-2009
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?

Be careful with the SkyBlue credit repair. It helped me out a ton by removing a few negative accounts, but make sure none of your accounts say "account in dispute" or "customer disputes this account". That can keep you from getting a mortgage.  Be sure and cancel your membership a few months prior to applying.

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jharp25
Posts: 6
Registered: ‎08-04-2012
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?

I just wanted to give an update...Sky Blue got one AmEx mess removed from my credit report and one medical bill.  As of Sept 7th, my score went up to 656.  I am excited to see if it goes up more this next month!  My husband and I found a home we are interested in now, and with this bump in my credit score we are going to get pre-approved.  I'm still a little apprehensive since my score is nothing to write home about, but I read that the minimum score for a loan is 620 or so.  And with our income and my husband's score being so high (800s but I don't know exact number), I"m hoping that we are able to qualify for a $550K loan and that my score doesn't hurt the APR too bad.  That may be wishful thinking but we have no debt, no car payments (I have a company car and his truck is paid off), no student loans, etc, so I'm hoping the "ratios" that you guys were so kind enough to educate me on play in our favor. 

 

Does this sound feasible?  Am I hoping for too much?  I did some mortgage calculators based on income and it looked like we'd be okay to qualify for that much based on an annual gross income of around $175K.  But I'm still not sure if my credit score will be too damaging to move forward.  I have read different things about which score will carry more weight...He is the main breadwinner and also has the mortgage history for this house....Does anyone know how that works?

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westo12
Posts: 579
Registered: ‎07-20-2008
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Re: Husband has great credit, my FICO is 590 but high income - should I be on mortgage?

Did you pay off both of your credit cards?  I know you mentioned that you were going to do that this month.  If yes, have the new balances reported to the CB's?

2014 Starting-618, current TU638 (DiscTU 8/20) / Ending Goal score: 720 / 26 Positive TLs / 1 Negative: Unpaid $312 med CA placed 2010 / reported Install Bal/Lim: 17885/28512 | reported Revolving Bal/Lim: 12475/21082=59%util.

**IN the garden until I get some auto CLI's on major accts**

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