Ditch your spouse when buying that house - NASDAQ.com
Ditch your spouse when buying that house - NASDAQ.com Based on the worst credit score "Your spouse's lower score might make it hard to get a mortgage or get a mortgage at a good rate," says Anthony Sprauve, director of public relations with myFICO.com in San Jose, Calif. "Lenders don't take an average between your two scores. " Rather, mortgage lenders base their loan decisions -- including the mortgage rate -- on the lowest credit score between you and your spouse , says Don Frommeyer, president of the National Association of Mortgage Brokers If your credit score is 800 and your spouse's 650, lenders will assign an interest rate based on your spouse's lower score, he says. " It's worst-case scenario," Frommeyer says. "Even though one spouse might have a great credit score, it's all based on the worst score." Applying for a mortgage on your own brings up another challenge...