Financing in Hendersonville>Question Details

William, Other/Just Looking in Hendersonville, TN

Should I include my girlfriend on a loan, despite her low credit score?

Asked by William, Hendersonville, TN Fri Jun 22, 2012

Currently, I'm in a process of trying to get approve for housing loan. The loan officer told me my credit score is decent (703), but at the same time my credit is limited. I only have one line of credit open, which is my car payment and there's only three more payments left. Anyway, I'm not feeling to optomistic about getting approved.
So, I was wondering, would it be a wise move to perhaps mention something about adding my girlfriend to this loan process or perhaps another lender, since she has a lot more to her credit history? She making a little more money than me, but unfortunately her credit score is terrible. I'm not sure what her score is now, but the last time it was checked, which was a long while ago, I don't think it was even over 520.
So, once again, should I bother to include her or continue to be the "lonewolf" on the loan. If there are any other suggestions, I would definitely love to know.

Thanks!

Help the community by answering this question:

Answers

3
NO, don't add your girlfriend - her low credit score will hurt, not help you!

Speak with the lender to see how you can go about increasing your credit history.

Do you have a major credit card - Visa, Master Card?
Get one of those cards......buy a few things and pay them off. promptly......it may take a little time, but you will improve your credit by showing you are responsible......always pay on TIME!

I am sure a mortgage rep will come aling and offer more help and suggestions!

Best wishes!
1 vote Thank Flag Link Sat Jun 23, 2012
Adding your girlfriend to the loan will not help you get approved. I would recommend you get another opinion from a different lender. I am a real estate agent and I know from experience that lenders have different guidelines. Do you have a Realtor guiding you through this process? If not, I would be glad to help.

V/R,
Shannon Wilford
Keller Williams Realty
(931) 249-1282 Cell#
teamwilford@gmail.com
http://www.TeamWilfordRealtors.com
1 vote Thank Flag Link Sat Jun 23, 2012
You should not. First off if her score is under 620 you will not find a loan available.

If your score is 703 I can offer you a Mortgage Loan right now without any open trade lines.

I will approve you; I have closed loans with much lower scores with no open trade lines.

You will close in 20 days and be in your new home.

Call me I can help. 615-537-1048 Joseph MLO (Hendersonville TN)
0 votes Thank Flag Link Tue Aug 14, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer