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Joint Loan Question

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RonM21
Valued Contributor

Re: Joint Loan Question

Her being on it herself may be the better option, then adding you down the road. What is best for both of you financially should be near the top of the list of what is important.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 11 of 17
ba6412
Established Member

Re: Joint Loan Question

Thank you again for your reply.

 

I have hit a plateau as to not being able to get over the 595 hump.  Trying to figure out what to do to get it higher.

 

The reason I want my name on the mortgage is because I make much more money than her.  My girlfriend makes only $13 / an hour.  I make a 50K salary.  If she is the only one on the mortgage, I assume they only go off of her income or would they take both of our incomes into account when applying for the loan?

 

Thank you in advance!

 

J

Message 12 of 17
krielly
Established Contributor

Re: Joint Loan Question

For your income to be considered, you would need to be on the mortgage as well.

 

Have you been reading up in the rebuilding section? Maybe if you offer some details of your situation, and what you've done so far, people could offer you some suggestions on increasing your score.

 

K


You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing!
Message 13 of 17
StartingOver10
Moderator Emerita

Re: Joint Loan Question


@ba6412 wrote:

Thank you again for your reply.

 

I have hit a plateau as to not being able to get over the 595 hump.  Trying to figure out what to do to get it higher.

 

The reason I want my name on the mortgage is because I make much more money than her.  My girlfriend makes only $13 / an hour.  I make a 50K salary.  If she is the only one on the mortgage, I assume they only go off of her income or would they take both of our incomes into account when applying for the loan?

 

Thank you in advance!

 

J


^^^there are two parts to rebuilding: fixing the derogatories is one part and getting new credit is the other part. If you don't have any new credit or open TL's that will hinder your rebuilding efforts.  As someone above suggested, go to the rebuilding forum here and put in your details so others can help. http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

Message 14 of 17
ba6412
Established Member

Re: Joint Loan Question

Thank you!! I will do what you suggested.  I am at 595.  I would put myself on the mortgage if I could get myself up to 700 or a little less.  We don't plan to buy until February.

 

Thanks again all!

 

J

Message 15 of 17
Anonymous
Not applicable

Re: Joint Loan Question

You got plenty of time to rebuild. If she has any good credit cards in good standing, have her add you as an authorized user.

Message 16 of 17
Anonymous
Not applicable

Re: Joint Loan Question

I am a lender in Metro Detroit.  The best way is to have her on the loan and you on title with her.  If she cannot qualify on her own, there are loan programs allowing a credit score of 595.  If you want to look over loan options, or have more questions let me know.

 

 

Derek

Message 17 of 17
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