Should we use my credit scores or my wife's???

[Anonymous]

Hi guys,

My wife and I are planning to buy a house sometime within the next year, but we have to buy a car first.  My credit scores are a little better than my wife's(30 points on average).  Do we use her scores to finance the car in order to protect my better credit rating for mortgage purposes?  Or, should we use my credit to obtain financing for the car, hoping that the addition 6 grand in auto debt we'd assume, won't seriously effect my scores when it comes time for mortgage loan approvals?  Does it matter at all, since the house would be in both our names? 

Help!?!?!

Kube

[DallasLoanGuy]

what are your score?

hers?

[nicemann]

Well the only way to use both of your incomes to qualify for the house is if you both apply and both SSNs must be used.  They will use the lower middle score of you two.  Just make sure your car payment doesn't mess with your DTI ratio.  Especially if you put the car under your name and you want to only go after the mortgage in your name also.

[Anonymous]

So if we plan to try and qualify for a mortgage with our combined income, then it wouldn't matter who's credit we used to finance the car.

My current scores are:

EQ 736

EX 740

TU 720

My wife's scores are:

EQ 694

EX 717

TU 711

I'd forgotten that a couple of weeks ago, I calculated our front end and back end ratios assuming we'd have a monthly vehicle payment in the mix (right now we don't).  That said, taking on the extra 6 grand in auto debt should effect much since I've already included the monthly expense in my calculation.  Does this sound right?

Message Edited by Kube on 05-13-2008 08:05 PM

[DallasLoanGuy]

put the new debt on you to help ensure both midscores stay over 700

[Anonymous]

Thanks, that makes a some sense.  Don't know why I didn't think of it that way.