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Lenders using lower FICO score

New Member

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 $$$? 
Message 1 of 6
5 REPLIES
Super Contributor

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
Message 2 of 6
Regular Contributor

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.
Message 3 of 6
Regular Contributor

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 $$$? 



Message 4 of 6
Regular Contributor

Re: Lenders using lower FICO score

I like that link too!! Smiley Very Happy

Message 5 of 6
Super Contributor

Re: Lenders using lower FICO score



OneMortgageGuy wrote:
I like that link too!! Smiley Very Happy
 


I like to give credit where credit is due   Smiley Very 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
Message 6 of 6