Hi everyone!
My fiance really wants us to buy a home in the next few months, but I am a little skeptical of how everything will go. His credit is great- he's got no lates and a score of 760 (pulled by lender). My score pulled on 1/13 was 617 due to a few lates on CCs last year and one collection (paid in full) from 2010. My worry is that I will drag him down, and ruin his chances of getting a mortgage. He wants me on the mortgage to improve his DTI since I have no debt other than a $7800 car note (always paid on time since '09) and he has about 4 or 5 credit cards plus a car note (~$8000) eating up his available credit. He was preapproved on his own for $150k (he is a teacher making about $40,000 annually).
I decided I would pay off the one credit card i have (Discover) and pull my own credit to get a current score. I know the Discover card's $0 balance won't be reflected in this updated score since it is so recent, but the most recent number I got a few days ago was 605. The scores I'm looking at are both Equifax (pulled by lender 617 on 1/13 and then I pulled it on here 1/24= 605). I was a little bummed because my score had dropped 12 points in less than 2 weeks. I'm hoping that the lender will look at the 617 that they pulled, but now I am not sure if I should bring it up or not. I feel great that I paid off my credit card but I don't want them to see the recent dip in my score. Any advice for me?
By the way, we're preapproved together for $215,000 through Wells Fargo and the scores I'm looking at are both Equifax (pulled by lender 617 on 1/13 and then I pulled it on here 1/24). The range of houses we are looking to buy is about $160k - $170k with FHA's required 3.5% down. (Although I am afraid I might bump that up with my poor score now!)
