Check Out Your Friend's Credit

If you are buying a home jointly with someone else, your credit score may not be the one the lender looks at.

HmBuy_loans_H

By: Tara-Nicholle Nelson

Related To:

Make your co-buyer go through the credit makeover process to maximize her score, too, then consult with your mortgage professional. Even if your score is below 580, you might not need to wait if your co-buyer's score is the one lenders want to see. Generally speaking, the buyer who makes the most money is the one whose score is of interest to lenders. Of course, the person with the highest income is also often the person with the most bills and, accordingly, the lowest credit score. Consult with your mortgage professional to see whose score is important.

Keep Reading

Next Up

Avoiding Credit Repair Scams

Learn how to spot fraudulent credit repair companies.

Maintaining Good Credit After Buying a Home

It's important to maintain good credit even after you buy a home. Here's how to do it.

7 Surefire Ways to Improve Your Credit Score

You've already heard the bad news. The housing crisis has tightened up credit markets, and it's harder to qualify for a mortgage loan. Credit scoring has always been an important part of the loan approval process, but suddenly it bears more weight than ever.