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| *Loan,banking and credit>>>credit score |
If a a couple that is married and have totally opposite credit scores what happens? |
The wife has a very low score and the husband has a normal good credit score. How do finance companies look at this for personal loans, mortgages and etc? Is it harder to get a loan? I know the interest will be higher, but how much higher then when you have two peopl with good credit? They look at the person with the better credit and base it on that the person wi th the lower credit score would then be considered as 'extra' income basically not putting a mortgage etc at risk... just went though all of that myself! Good luck :) The husband can have it so only his credit gets looked at, not his wife's. That's how my parents were when they got married, my dad was the one who got the loans until my mom was able to rebuild her credit. Usually if the one has good credit and the other has OK credit..then the credit on both side are looked at as one averaged. In a case that you do get credit on a lower rating for the both of you, then interest rates will be higher. If someone was to go in with A1 credit they always get a lower interest rate just because of the higher credit score. The interest rate always depends on the credit score and location of the creditor, some are higher some are lower you just have to shop around Hope this helps !! Most lenders use the middle score of the borrower with the LOWEST scores for qualifying. This can be very costly- how much higher the rate will be depends on how bad the wife's score is. A few will take the highest middle score, a few will average both middle scores. Your best option is to leave the wife off the loan(s) until she can improve her credit scores. Of course, this assumes that the husband's income is high enough to qualify alone. Buried in debt? Would you like to make an extra $1300 a month within a few months? Do you have only $55 a month to invest? Check out this site now:www.myberrytree.com/bt5302... |
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