I've had aveerage to good credit. My wife has pretty good credit. Latly i managed to miss a payment on one of my credit cards. I've not missed any on any of my other credit obligations. I have been pre approved a couple of months ago for a home loan for 70,000. Do you think this will prevent my wife and I (in our 50s) she has marks on her credit and I have the one missed paymwnt mark ?
Each situation is different as many variable factors come into play. Occupation, salary, tenure at job, etc. Also, you mention marks on your wife's credit. How serious are they. There is no general answer. That said, if there are no delinquent debts, collections, liens, judgements, etc. And you meet the income qualifications and your score is in the 600's, you should be ok. I'm just speaking from I've seen. It will depend on all the above plus how good your mortgage company is. I would refrain from dealing directly with one specific bank however, unless one has exceptional credit and a relationship with that bank.
Great advice from turconator. Jerry Thom- I'm curious if you were able to move forward with your lender without any problems? Were you able to close on your home loan, and if so- what kind of interest rate were you able to secure given you current credit scores? Thanks!
