Netcredit

How to make the most of sharing your credit: Are you recently married or about to become half of a couple? Your personal FICO score and that of your significant other’s could affect how you move forward as a team in the financial world. Buying a home and trading in your wheels for something more exciting (or less?) often requires a joint application once you are sharing a life and the associated joys. Your FICO ® scores will figure highly in the kind of loan and terms you will be offered so here are a few pointers: You both have individual FICO scores based on previous history You do NOT have a joint FICO score As you open Joint Accounts, like credit cards and mortgages, the new history you create together will affect both your individual scores When applying for loans, lenders usually look at both of your FICO scores when evaluating your loan application Joint applicants will be tied to the lower of the two applicant’s FICO Score Which means: If one of you has stellar credi...