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Joint mortgage application scores

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Joint mortgage application scores

My husband and I are getting ready to apply for a new mortgage loan. My credit score is 662 on Equifax and his is 745 on Equifax, but my salary is double his. In February I paid off 3 small credit cards and paid 2 down below 28% but no change so far to my score. The issue is that I still have one at 90% utilization and one at 89%. He only has two cards and they are well below 28%. We need to move as soon as possible. Our current home has $20,000+ in equity but I want to apply for a mortgage before I sell. This may be a dumb question, but would it be wise to apply for a new credit card in his name and transfer some of my balances over? How much would that hurt his score vs helping mine? What can we do to increase my score? I don't have $5000 cash laying around to pay them down. Also, we make enough that we could float both mortgages but I want the best interest rate. I know I am rambling, I just don't know where to start.

2 REPLIES
Frequent Contributor

Re: Joint mortgage application scores

just pay points and buy the rate down if you ''want the lowest rate"...

 

Of course with interest rates still at hysterically and historically low levels there isn't as much 'value' in doing so, imo.

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Licensed NC Mortgage Loan Originator
Message 2 of 3

Re: Joint mortgage application scores

Have your husband add you as an authorized user on his cards. This will help increase your scores and will not negatively impact his. Good luck! And happy house hunting!!
Message 3 of 3