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Is it possible?

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lizziebeans
Established Member

Is it possible?

Hi all,

 

My husband has near perfect credit with a score in the 820s. I have horrid credit with a score in the mid 500s. I have late payments, charge-offs, settlements, and a car repo. I have paid off or settled all my balances so I'm at zero. I'm in the process of disputing and asking for GW deletions. Is it possible to get a mortgage with some of my baddies still present along with my husband's perfection, once I get my score to around 650? We want both our saleries to go into the mortgage consideration. 

 

Thanks for any replies or advice. 

Message 1 of 4
3 REPLIES 3
StartingOver10
Moderator Emerita

Re: Is it possible?


@lizziebeans wrote:

Hi all,

 

My husband has near perfect credit with a score in the 820s. I have horrid credit with a score in the mid 500s. I have late payments, charge-offs, settlements, and a car repo. I have paid off or settled all my balances so I'm at zero. I'm in the process of disputing and asking for GW deletions. Is it possible to get a mortgage with some of my baddies still present along with my husband's perfection, once I get my score to around 650? We want both our saleries to go into the mortgage consideration. 

 

Thanks for any replies or advice. 


The lender will use the lowest mid score if both of you are on the loan. If you need both salaries, then you will need to not only get rid of the old baddies - but add new credit to show that you have the ability to repay on time. Do you have cc's now? What have you done for rebuilding?  You might want to check out the rebuilding forum here for ideas.

 

Are you in a community property state?

Do you actually need both salary's to get approval? Otherwise you could just have your husband on the mortgage and both of you on the deed if you are not in a community property state.

Message 2 of 4
lizziebeans
Established Member

Re: Is it possible?

No, I'm not in a community property state, so we both need to be on the mortgage in order to include my salary. 

 

I am an authorized user on his perfect credit card with a nice size limit and low usage that gets paid appropriately. Also, while I no longer have any of my old credit cards and had requested they be closed, some are still listed as "open" on my credit report. I understnad I should leave them as is. Is that adequate? 

Message 3 of 4
StartingOver10
Moderator Emerita

Re: Is it possible?

You need 3+ tradelines reporting on your credit. How many do you have?

 

Have you checked your mortgage score - it is usually very different (higher or lower) than the FICO 08 score.

Message 4 of 4
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