Combined credit scores for mortgage? vs. incomes?
I have a credit score of about 560 and my wife is in the 700s, however I make around 30k a year while she makes about 10k right now. My question is, would our credit scores combine for an average together on a mortgage application? And how would our incomes play into it, in relation to our credit scores. Thank you! And if they do not combine, would they use my lower credit score instead of my wife's? And if they do not combine, would they use my lower credit score instead of my wife's?
Finance is what I do for a living and scores are never ever combined, each must stand on it's own. Income on the other hand will be combined when applying for a home loan. The lender will base the interest rate off of the lowest of the middle scores. Good luck.
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