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Should or how can I put my fiancee on the loan?

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Member

Should or how can I put my fiancee on the loan?

Just found this great place where our contributors are so helpful. I had a pretty good credit history (TU over 760) as I have never been late in any payment for over 7 years. My fiancee came to the states December last year, when I added her as an AU on one of my CC which has a history about 5 years. In January when I applied for Sam's Club's credit card I added her as AU as well. In May, she applied for a Capital One's secured card with CL of $200. We pulled her Experian report today and found that her report has all the three credit cards reported.

 

We are think of buying a house later this year or early next year. The amount of loan we need will appear too heavy if it is only on my income ($100K), we are wondering how her income (about the same as mine) can be counted in load application, while her score (if she has one I assume it will be lower than mine, am I right?) will not be factored in. Any useful information will be greatly appreciated.

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Valued Contributor

Re: Should or how can I put my fiancee on the loan?


@catch-22 wrote:

Just found this great place where our contributors are so helpful. I had a pretty good credit history (TU over 760) as I have never been late in any payment for over 7 years. My fiancee came to the states December last year, when I added her as an AU on one of my CC which has a history about 5 years. In January when I applied for Sam's Club's credit card I added her as AU as well. In May, she applied for a Capital One's secured card with CL of $200. We pulled her Experian report today and found that her report has all the three credit cards reported.

 

We are think of buying a house later this year or early next year. The amount of loan we need will appear too heavy if it is only on my income ($100K), we are wondering how her income (about the same as mine) can be counted in load application, while her score (if she has one I assume it will be lower than mine, am I right?) will not be factored in. Any useful information will be greatly appreciated.


If you both apply for the loan they will use the lower of the 2 middle scores. She should have a score with-in 6 months of the credit cards being reported. As far as her score being lower or higher I couldn't predict this. When people just start having credit they have no history which means no negatives either and they are bucketed in the new credit stages for scoring purposes. So it is possible that her scores may be higher then yours. 

Good Luck
May all your dreams and wishes become a reality!
Message 2 of 9
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Member

Re: Should or how can I put my fiancee on the loan?

Thank youJM-AM for your answer. I have a few more questions.

 

1. When do you think my fiancee can have her score, six months after she were added as my AU last December or six months after she had her first credit this May?

2. It seems if her score turns out to be higher than mine, we would like to apply together, so her short credit history can be reinforced by my long history?

3. If her score is lower than mine, is it possible that lenders can factor in her income but not her short history/lower score?

 

Thanks.

 

Message 3 of 9
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Senior Contributor

Re: Should or how can I put my fiancee on the loan?


@catch-22 wrote:

Thank youJM-AM for your answer. I have a few more questions.

 

1. When do you think my fiancee can have her score, six months after she were added as my AU last December or six months after she had her first credit this May?

2. It seems if her score turns out to be higher than mine, we would like to apply together, so her short credit history can be reinforced by my long history?

3. If her score is lower than mine, is it possible that lenders can factor in her income but not her short history/lower score?  When you are applying jointly, the lender goes by the middle score of the person with the lowest middle score.  You cannot use the income but not the credit.  Good luck getting her score built up.

 

Thanks.

 


 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 4 of 9
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Community Leader
Super Contributor

Re: Should or how can I put my fiancee on the loan?

Did the 5-year history for your AU account show up on her credit?  Most lenders are looking for 3 trade lines, and at least 12 months of history, so if she has the 3 cards and the AU with the 5-year history is one of them, then she should be good with most lenders.  

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
Message 5 of 9
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New Member

Re: Should or how can I put my fiancee on the loan?

From life lessons, I would be married first. Im only 27 and dont want to sound old, but the traditional ways are right when u think about them. Now heres why, before youre married your possessions are yours, and hers are hers.

 

Worse case scenario you never get married.And you will have a huge mess on your hands.

 

When u get married, just add her to the title on a quick claim.

 

To me it worls out better, because it makes no sense to tie up both parties credit.

 

Just a thought.

=) Jean

Message 6 of 9
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Member

Re: Should or how can I put my fiancee on the loan?

Thanks Booner72 , and Shane.

 

Yes, in her experian report my 5 year long credit is shown with "Reported Since: 11/2010".
Another card I added her as AU when I opened in January this year is shown with "Reported Since: 01/2010".
The Capital One secured card in her name is opened in May this year.

Does it mean in Novermber this year, she should have a decent credit score assume we both made timely payments thru November?

Message 7 of 9
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Member

Re: Should or how can I put my fiancee on the loan?

Yes, we will get married before we (or me only) apply for mortgage, however we will think twice if we are married and she has to be automatically added to the load with a low score.

Message 8 of 9
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Community Leader
Super Contributor

Re: Should or how can I put my fiancee on the loan?

No one's score is automatically included in the loan analysis - if her score isn't up to snuff by time and you can qualify on your own then just leave her off the application.

 

With the information about when those accounts have been reporting since then yes it sounds like November of this year she should have the 12 months.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
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