Rebuilding for home loan...Please HELP!!!

[Anonymous]

AndyMarkle thanks for that great piece of info! I should have mentioned that my fiancé has the higher salary by at least $30,000, so I'd imagine they would use his credit as primary but he has lower scores and a $15,000 judgment. Would it make more sense for me to apply alone?

[Anonymous]

If you apply on your own, then only your income will be considered. That may signifigantly reduce the amount you would be approved for.

[StartingOver10]

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@Anonymous wrote:
AndyMarkle thanks for that great piece of info! I should have mentioned that my fiancé has the higher salary by at least $30,000, so I'd imagine they would use his credit as primary but he has lower scores and a $15,000 judgment. Would it make more sense for me to apply alone?

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When you are applying for a mortgage with someone else you both are considered co-borrowers.  Generally the applicant with the higher score is placed first, but you both have equal responsibility for repayment of the mortgage so it doesn't matter who is 'first' on the application.

He will have to get rid of that judgment - not just off his credit report but actually have a Satisfaction of Judgment and make sure it is recorded in the public records or have the judgment vacated (not usually possible but worth researching).  

Mortgages are based on your income, your debt (DTI) and your credit.  If you can afford the mortgage without him on the loan, then do it.  He still needs to take care of the judgment so it doesn't balloon up drastically.  Check the statutes in your state to see how long judgements last: 20 years is typical plus a renewal for another 20 years if the judgment holder catches it in time. Some jurisdictions are 10 years and can be renewed forever until paid.  Check your states statutes.  The entire time it is an unpaid  judgment it accrues interest at the statutory rate.  So don't ignore it. 

[Anonymous]

We're actually fighting the judgment because he never received a bill let alone a notice that he was being sued. It's been disputed and is under re-investigation since 1/8/16. I'm waiting for it to be removed. Also, I checked his scores a few minutes ago because I got an alert. Somehow, his score just jumped from 588 to 703 because my car loan dropped by $7,000! A 115 point bump! How can I share that here?? I also checked his mortgage scores and he seems to be in a better position than me, other than the judgment. The statute here in NJ is 20 years Btw.

[Anonymous]

Hi!  I'm completely new to all of this - just discovered this site today when I googled ERC trying to find contact information to repay several delinquent accounts with them.  Instead I found a post discussing how to dispute them and get them removed.. Hoping it works - thanks!!

  Anyway, I am also trying to boost my credit score in hopes of being able to get a mortgage to buy our first home (just got married last month!).  Currently: TransUnion: 587 Equifax: 586 (from Credit Karma).  I've already raised my score from around 480 last year, mostly just by getting student loans in repayment plan.  Have no old credit card debt (haven't had a credit card in at least 10 yrs)  Got a Capital One Quicksilver card with a $300 limit which was just raised to $1800.  Other than the disputed ERC accounts, I have 3 accounts in collection totalling about $1100, which I can pay off now.  I'm totally new to this and have always found financial stuff to be overwhelming and confusing (maybe part of the reason I'm always broke..lol). 

  How do you access different FICO scores (I never realized there were diferent types)?  I see you mention fico 8, fico 4 and 4/2/98.  Where can I find out what these are (and what they mean?)

  Thanks for any help!!!