A FICO® Score of 620 places you within a population of consumers whose credit may be seen as Fair. Your 620 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.

What credit score is used when married?

Marriage has no effect at all on your credit reports or the credit scores based upon them because the national credit bureaus (Experian, TransUnion and Equifax) do not include marital status in their records. Your borrowing and payment history—and your spouse’s—remain the same before and after your wedding day.

Is it possible to get a mortgage with a 620 credit score?

There are many mortgage lenders available for people with credit scores in the 500’s, therefore if you have a 620 or higher credit score, you should not be short on options. As far as types of loans and programs, there are conventional, FHA, VA, and USDA loans that are available to borrowers with credit in the 620 or higher range.

When do credit scores get combined for married couples?

However, your spouse’s credit management and credit report still affect you, especially when it comes to buying a home. Married couples’ credit scores do not get combined when they apply for a mortgage. Your spouse’s credit usage can affect you in multiple ways.

Can a spouse’s credit score be considered for a loan?

That way, only the credit score of the spouse with the better credit is considered by the lender. The downside to this approach is that the lender will also only consider the income of the that spouse when determining if you have enough income to repay the loan.

What happens if my wife’s credit score is lower?

The lower of those two scores determines the rate and terms of the loan, says Brad Sherman, a loan officer with Nationwide Mortgage Services, in Rockville, Md. If your wife’s FICO credit score falls below 620, for example, then you’ll have a tough time qualifying for a mortgage at all — even if your score is much higher, says Sherman.