@jhollow509 wrote:Hello Everyone!
My husband and I are trying to get our first Mortgage. I'm already working with a mortgage officer, but I'm running into an issue. My husbands mortgage scores are too low, but I can't get approval for the loan amount we'd need for this area without both of our incomes. If I added him as an AU on one of my accounts with perfect payment history could that help boost his score? Could I expect any Adverse Action for adding an AU with a ton of lates?
My Credit:
Ficos: 701-710 (pulled from experian
Mortgage Score: 717
0 Lates
0 Charge offs
AAoA: 4 years
Oldest Account: 7 years
Total TL: ~140k
Total Balance: 34k
UTI: 22%
Husbands:
Fico Scores: 535-599
Mortgage Score: 516
19 Lates
3 Charge offs
1 Collections
(All from Salary cut during COVID)
AAoA: 2 years
Oldest Account: 6 years
Total TL: ~6k
Total Balance: 0( just gave him the money to pay off everything)UTI: Was 88% but will be 0.
The reason I need his income is because all of our cards are in my name that we both pay on. So my DTI is 65% on paper.
The account I'm considering adding him to is my Capital One account. It's my oldest card and is bucketed at $500.
My biggest worry is that he has lates on two accounts with capital one, and I have a 20k west elm card through them as well, and I don't want them to close that account right before our mortgage goes through.
Thanks for any advice
Did they give you any indication of what his scores need to be at for the mortgage to get approved? Secondly, who are the creditors for the CO's, and what are the balances on those? Attacking those might be the key to getting you where you need to be as opposed to adding him. Even if you add him as a AU, I'm reluctant to think his scores would rebound enough.
Starting Score: 547EX
@jhollow509 wrote:
@moto4man wrote:
@jhollow509 wrote:Hello Everyone!
My husband and I are trying to get our first Mortgage. I'm already working with a mortgage officer, but I'm running into an issue. My husbands mortgage scores are too low, but I can't get approval for the loan amount we'd need for this area without both of our incomes. If I added him as an AU on one of my accounts with perfect payment history could that help boost his score? Could I expect any Adverse Action for adding an AU with a ton of lates?
My Credit:
Ficos: 701-710 (pulled from experian
Mortgage Score: 717
0 Lates
0 Charge offs
AAoA: 4 years
Oldest Account: 7 years
Total TL: ~140k
Total Balance: 34k
UTI: 22%
Husbands:
Fico Scores: 535-599
Mortgage Score: 516
19 Lates
3 Charge offs
1 Collections
(All from Salary cut during COVID)
AAoA: 2 years
Oldest Account: 6 years
Total TL: ~6k
Total Balance: 0( just gave him the money to pay off everything)UTI: Was 88% but will be 0.
The reason I need his income is because all of our cards are in my name that we both pay on. So my DTI is 65% on paper.
The account I'm considering adding him to is my Capital One account. It's my oldest card and is bucketed at $500.
My biggest worry is that he has lates on two accounts with capital one, and I have a 20k west elm card through them as well, and I don't want them to close that account right before our mortgage goes through.
Thanks for any adviceDid they give you any indication of what his scores need to be at for the mortgage to get approved? Secondly, who are the creditors for the CO's, and what are the balances on those? Attacking those might be the key to getting you where you need to be as opposed to adding him. Even if you add him as a AU, I'm reluctant to think his scores would rebound enough.
They said they need to be at least 580 on the mortgage score. My lender says paying off his debt will boost the score once it reports, then getting the charge offs deleted. The charge offs are Conns (2) and Kohls(1 from 2009?). The balances total around 5k on the charge offs(4K Conns, 1k Kohls). They all refuse to do pay for deletion too.
I would suggest that you take care of those CO's first and foremost. His scores will skyrocket once those show as "paid" and are no longer reporting as "late payments". I would speculate the amount of money saved over time of the mortgage will far outweigh the 5k in CO's. Less the one from 09 that shouldn't even be showing on your report anymore. If this is possible, the score increase will be MUCH better than any added AU account will ever do for him, and will probably take less time to reflect at the CRA's.
Are you able to access his current mortgage scores now? They do vary quite a bit from the standard FICO8 scores.
Agree with everyone else. Dispute the Kohl's as too old to be on reports, and pay off the other COs. This should help tremendously - much more than adding him as an AU would. Especially a card with a $500 toy limit, even if it has a long history.
