Dual incomes, only one with great credit

[Anonymous]

Here is the situation: I am wanting to buy a new car. My midrange score is 715, have had no issues in the past qualifying. My personal income is roughly $77000 per year. I would like to qualify on my own but am not sure I can given my debt to income ratio is about 50%. My wife's income is around $72000 but her credit has a short sale attached to it so her score is not as good as mine.

Which is better? Having only myself apply with the good credit but one income or both applying thus having a twice the income but introducing my wife's slightly worse credit in the mix.

Can I only be the one applying but be able to count both incomes?

[StartingOver10]

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@Anonymous wrote:
Here is the situation: I am wanting to buy a new car. My midrange score is 715, have had no issues in the past qualifying. My personal income is roughly $77000 per year. I would like to qualify on my own but am not sure I can given my debt to income ratio is about 50%. My wife's income is around $72000 but her credit has a short sale attached to it so her score is not as good as mine.

Which is better? Having only myself apply with the good credit but one income or both applying thus having a twice the income but introducing my wife's slightly worse credit in the mix.

Can I only be the one applying but be able to count both incomes?

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How old is the short sale?  Have you actually pulled your auto enhanced scores here (yours and your wifes)? You might be surprised. 

[Anonymous]

Short sale finalized Jan 2013. Haven't had her credit pulled because of this and we never need it. I qualified for my current car loan in March 2012 with no issues and also my current home loan.

[Anonymous]

Hmm so hard to tell with good and bad on one app. In my experience this can go two ways. One, the credit union takes the loan based on your good credit and prices your rate based on your credit while letting her tag along. Two, they want absolutely nothing to do with her so decline the app entirely.

Buying a Nissan or Toyota and financing with them you will be fine. Financing with a credit union should work too. I personally can say that a bank doing that deal is entirely possible at my store (so most likely others too). Almost guaranteed actually.

[Anonymous]

Thanks. Just to be curious, applied for a loan through my bank with just my info. Got conditionally approved at an APR of 2.61% for 72 months. Can't beat that by a long shot, and I will save even more because I am the rye to pay extra to playboy off sooner.

[Revelate]

May have changed but at least a yearish ago to my knowledge for auto underwriting they were taking the higher of the two applicant's scores... exactly opposite of the mortgage world.

One stellar one shoddy, apply with confidence imo.

That said congrats on sorting it on your own  Good rate indeed!

[Anonymous]

Has your wife had accounts reporting since the short sale? With your DTI at 50% you are unlikely to be approved alone, the banks I have worked at usually limit DTI to 40-45% on auto loans for the lowest risk level and less for those in higher levels. If she has accounts reporting  since the short sale and there hasn't been any slow pays or other issues I would apply jointly.