Lenders don’t just average out your two credit scores or go with the highest one when evaluating your creditworthiness as a pair—they pay the most attention to the lowest credit score. If your credit is great but your spouse’s isn’t so hot, a joint mortgage application could be denied.

Does my credit score affect my wife?

Credit scores are calculated on a specific individual’s credit history. If your spouse has a bad credit score, it will not affect your credit score. However, when you apply for loans together, like mortgages, lenders will look at both your scores. If one of you has a poor credit score, it counts against you both.

What happens if my wife has a bad credit score?

If you have a poor score and your wife has a good one, you don’t get to use hers when applying for credit. Worse yet, your bad FICO score may land you in the doghouse when you’re ready to buy a car or a home. Most mortgage lenders will check both of your FICO scores when evaluating your loan application.

What to do if your spouse has poor credit?

Even when your partner has poor credit, you may still be able to buy your dream home, or refinance your current one. Verify your new rate (May 14th, 2021) Understand How Lenders Calculate Your Mortgage Score The first step to getting approved is knowing how lenders view two-borrower applications.

Can a spouse get a loan with a low credit score?

Your spouse essentially borrows another person’s stellar credit history, and that can bump the low score. Having two people on the loan can help you qualify for a larger loan. Two incomes are often better than one. However, if one applicant has poor credit, he or she can do more harm than good.

Is it okay to get married with bad credit?

The last thing you want is for your husband or wife to find out from a mortgage broker that you have bad credit. Remember, financial differences alone rarely imperil relationships, but a couple’s failure to communicate about their finances can. In an older post, I asked: Is It Okay to Get Married in Debt?