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New Member
Sweetbhunny
Posts: 2
Registered: ‎07-20-2007
0

Lenders using lower FICO score

I have a question.  My husband and I are in the beginning process of buying a home.  My husband makes about $5,000 more than me a year and his FICO is 748.  My FICO right now is 641 but we are trying to get a late payment report error corrected on my reports that should help raise my score since it is the only bad thing I have on there for the past 4 years.  So far the type of loans we are looking at use my FICO for establishing the mortgage rate.  I don't understand why this is so, since I thought they use the FICO from the person that makes the most $$$? 
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
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Re: Lenders using lower FICO score

Try:
 
 
I think it might help clarify
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Regular Contributor
flyers
Posts: 216
Registered: ‎04-19-2007
0

Re: Lenders using lower FICO score



Sweetbhunny wrote:
I have a question.  My husband and I are in the beginning process of buying a home.  My husband makes about $5,000 more than me a year and his FICO is 748.  My FICO right now is 641 but we are trying to get a late payment report error corrected on my reports that should help raise my score since it is the only bad thing I have on there for the past 4 years.  So far the type of loans we are looking at use my FICO for establishing the mortgage rate.  I don't understand why this is so, since I thought they use the FICO from the person that makes the most $$$? 


What are some of the loan programs that are using your score?   That situation would help me since my wife has the higher scores but less pay.
Regular Contributor
OneMortgageGuy
Posts: 255
Registered: ‎06-08-2007
0

Re: Lenders using lower FICO score

It sound like to me your a prime borrower and thats a great thing! Going prime lenders will use the lower mid fico of the two borrowers. $$$$ on comes in when its a subprime loan.
 
Hope this helps and good luck!

Sweetbhunny wrote:
I have a question.  My husband and I are in the beginning process of buying a home.  My husband makes about $5,000 more than me a year and his FICO is 748.  My FICO right now is 641 but we are trying to get a late payment report error corrected on my reports that should help raise my score since it is the only bad thing I have on there for the past 4 years.  So far the type of loans we are looking at use my FICO for establishing the mortgage rate.  I don't understand why this is so, since I thought they use the FICO from the person that makes the most $$$? 



Regular Contributor
OneMortgageGuy
Posts: 255
Registered: ‎06-08-2007
0

Re: Lenders using lower FICO score

I like that link too!! :smileyvery-happy:

Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

Re: Lenders using lower FICO score

[ Edited ]


OneMortgageGuy wrote:
I like that link too!! :smileyvery-happy:
 


I like to give credit where credit is due   :smileyvery-happy:


Message Edited by MidnightVoice on 07-21-2007 02:24 PM
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

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