Getting a loan with credit issues.?

Question

My husband and I plan to remodel our home in the next few years. The problem is he has good credit I have bad credit due to a debt I am paying off. I could not even get approved for a credit card. So I had to my husband add me as an authorized user to his card to start to build a credit history.  I would like to use my income for a loan approval as I am sure the more income coming in the more they will approve the loan. It is a part time job and I do not make that much money but still it is income. He is the main income earner in the house. My question is would the good credit out way the bad credit?

bdancer222 · Answer

Joint application would take both incomes and both credit reports into consideration.  The loan would probably be approved based on his  good credit, but the interest rate would be based on your poor credit.

Might be smarter to not apply for a joint loan.  The higher interest rate will eat up any advantage of your added income from that part time job.  Your debt would also be included in the debt to income ratio which could be a problem.

Getting a loan with credit issues.?

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