Spouse with no income and better credit

[Anonymous]

I have been rebuilding my credit. My spouse stays home and has no earned income but has okay credit. CK scores 716 and 704. Myfico scores are 640, 584 and 613. Can my wife get a loan in her name or do I have to be on the loan. If I'm on the loan would one of us be a co-signer, if so which one would be preferable? Would a lease be an option with these credit scores?

[MakeItAMudLight]

They could most likely do a joint loan with her as the primary and you as the co-borrower.  That way the rate will most likely depend on her credit and your income will still factor in.  However it will take both of your debts into consideration.

[Anonymous]

Thanks.  Could we lease a car that way too?

[MakeItAMudLight]

You could.  Leases work basically the same as a loan as far as qualifications.  Depending on the make you may usually have to have a better score than traditional financing.  I've seen where income can come into play there as well.  Remember that leases normally rewuire a security deposit as well as first months payment up front.  

[C7LT1]

It depends on the lender on how they will treat the credit score/income for loans.

I asked NFCU a few years ago about this on a auto loan and they said the base the APR off of the primary applicant credit score and the approval amount off both applicants income and DTI ratio. In this case the person with the best score should go first on the app.

USAA on the other hand said they factor in both applicants equally.

YMMV. I hope this helps.