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Home Equity loan with Co borrower with low credit score?
I applied for a home equity loan but was denied because of debt to income ratio. I reapplied with a co borrower and this doubled the income. My credit score is 720 and the co borrower's is only 600. We both have good employment history. My question is: Will they use my credit score or my co borrowers? Does it matter who makes more money?
3 Answers
- 1 decade agoFavorite Answer
They will typically use a balance of the two. It is a total income, total debt calculation and they consider the weight of both your credit scores.
That low credit score from the coborrower might hurt you more than you think.
Sounds like you need to pay down some debt before pursuing your home equity loan. The cost of funds now vs. waiting might be better. Better credit scores get better rates.
- BarcadcadacadaLv 61 decade ago
I have a HELOC and after 5 years of paying on it I've payed off $400 out of 25,000. These loans area ripoff and will only put you deeper in the hole. Thye will use both credit sscores.
- 1 decade ago
they will balance out you guys credit scores. You can do you pre-approve research here on this site.
