Refi Help! Whose credit score is used

[Anonymous]

If you did a refi from a house jointly owned by both spouses to a new loan where both spouses will still be on the loan, whose credit score did they use? Did they do a combo? Did it matter if you were a SAHP?

[Anonymous]

You still have credit as a SAHP, you just do not have income.

[Anonymous]

Whoever is one the loan. If both are listed they run both scores.

[Anonymous]

both will be used, so if one of them is not good - you won't have best rates. BTDT. Ended up doing refi on DH name only.

[Anonymous]

Both are used. Rates (and ultimately approval) hinge on the lower score.

[Anonymous]

Why would a SAHP need to be on a mortgage loan? I can't imagine it would bring any value to getting the loan approved since there wouldn't be income.

[Anonymous]

Anonymous wrote:Why would a SAHP need to be on a mortgage loan? I can't imagine it would bring any value to getting the loan approved since there wouldn't be income.

To maintain credit and if something happens to her husband then she can assume the loan or sell the house. Why wouldn't you be on the loan? My husband pushed me to get a credit card in my name only (I canceled mine when the bank pissed me off and didn't feel like getting a new one) so I maintain my credit rating independent of his. It made sense so I finally did.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why would a SAHP need to be on a mortgage loan? I can't imagine it would bring any value to getting the loan approved since there wouldn't be income.

To maintain credit and if something happens to her husband then she can assume the loan or sell the house. Why wouldn't you be on the loan? My husband pushed me to get a credit card in my name only (I canceled mine when the bank pissed me off and didn't feel like getting a new one) so I maintain my credit rating independent of his. It made sense so I finally did.

You can keep paying the loan and sell the house if your husband dies as long as you are on the title. Being on the loan doesn't matter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why would a SAHP need to be on a mortgage loan? I can't imagine it would bring any value to getting the loan approved since there wouldn't be income.

To maintain credit and if something happens to her husband then she can assume the loan or sell the house. Why wouldn't you be on the loan? My husband pushed me to get a credit card in my name only (I canceled mine when the bank pissed me off and didn't feel like getting a new one) so I maintain my credit rating independent of his. It made sense so I finally did.

You can keep paying the loan and sell the house if your husband dies as long as you are on the title. Being on the loan doesn't matter.

If your name is on the deed/title, a lot of banks will want your name on the note (mortgage). And if you are buying a house with your spouse, you definitely want your name on the deed/title.

[Anonymous]

Anonymous wrote:Both are used. Rates (and ultimately approval) hinge on the lower score.

This

[Anonymous]

Anonymous wrote:

Anonymous wrote:Both are used. Rates (and ultimately approval) hinge on the lower score.

This

And why shouldn't it? Both people's financial decisions (good or bad) affect the household. Even if one spouse isn't earning money, it doesn't mean that they aren't spending irresponsibly.

[Anonymous]

I am a SAHP, and just my husband's name is on the loan. It didn't make sense for them to add me to the loan with very little income to add to it. We are both, however, on the deed.

[Anonymous]

I'm not a SAHP but I'm not on the mortgage. Based on our credit scores and the rates we could get w/a joint mortgage vs just my DH on the mortgage, it made more sense to go with the mortgage in just his name.

My name is on the deed/title. Because I'm not stupid. The bank is fine w/it.

[Anonymous]

Anonymous wrote:I am a SAHP, and just my husband's name is on the loan. It didn't make sense for them to add me to the loan with very little income to add to it. We are both, however, on the deed.

Except you are not building credit history.

Signed,
A SAHM who is on everything

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am a SAHP, and just my husband's name is on the loan. It didn't make sense for them to add me to the loan with very little income to add to it. We are both, however, on the deed.

Except you are not building credit history.

Signed,
A SAHM who is on everything

My credit score is about 800 according to the 3 common credit agencies. I have credit cards and utilities in my name and have had mortgages as well as a HELOC in my name in the past. I'm not worried about my credit history.