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What do I do if my wife has no credit?

My wife doesn't have any credit - good or bad - she's never built up her credit. Can we still get a loan going off my credit score of 720? by ericryan from Aspen, Colorado. Jun 24th 2013 Reply


Kenneth Kopper (KenKopper)
#19 ranked lender in Maryland - 542 contributions

Eric, as long as you dont need her income to qualify/help qualify you for the financing you are applying for, you should be able to apply in your name only.

Jun 24th 2013
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Russell Nelson (RNelson)
#84 ranked lender in Colorado - 5 contributions

Yes. You can also use her income and no credit score with FHA.

Jun 24th 2013
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Jun 24th 2013
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Russell Nelson (RNelson)
#84 ranked lender in Colorado - 5 contributions

Yes. You can also use her income and no credit score with FHA.

Jun 24th 2013
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Sharon Duffy (sduffy)
#71 ranked lender in Pennsylvania - 595 contributions

EricIf you are going with an FHA loan you can use her income with alternative trade lines.

Jun 24th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Hello -- depending on whether or not you need her income to qualify, will determine how to go about getting this taken care of. You need to contact a local, licensed mortgage professional to find the best solution for your particular situation.

Jun 24th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

If your income is sufficient, apply in your name only.

Jun 24th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Sure... Assuming you qualify based on your income. If she has no score at all, and you need her income... You may have a limited option with an FHA loan from a small number of lenders. Ask about an "alternative credit" option for her. it just might work.

Jun 24th 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

If you can qualify for the loan on your own based off of your credit and income, you can get the loan under your name. Begin to work on starting to build your wife's credit. She will want to get a credit card to start using monthly and paying off the balance each month to start building her credit.

Jun 24th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Yes.. however if you need her income to qualify for the loan, then you would have to find a lender willing to do a "Manual Underwrite" since she has not score. During this manual underwrite, the lender is allowed to use "Alternate Credit References".. such as phone bill, utility bill, insurance payments, rent payments, etc.. but yes it can be done.. If you don't need her income to qualify, then you can purchase the home in your name only and add her to the deed once the loan is closed and funded.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 24th 2013
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Adrielle Edwards (AdrielleEdwards)
#904 ranked lender in California - 96 contributions

Yes, you can get a loan in your name only, however, this means that you cannot use her income to qualify. If your income is high enough to qualify for what you would like to purchase, then this is the best option. If you need her income, then your options will be limited, but it is possible. You should seek out lenders in your area and see if this is something they are willing to do as not all lenders will. Whether you need he income or not, it is a good idea for her to start building her credit.

Jun 24th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Yes.. however if you need her income to qualify for the loan, then you would have to find a lender willing to do a "Manual Underwrite" since she has not score. During this manual underwrite, the lender is allowed to use "Alternate Credit References".. such as phone bill, utility bill, insurance payments, rent payments, etc.. but yes it can be done.. If you don't need her income to qualify, then you can purchase the home in your name only and add her to the deed once the loan is closed and funded.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 24th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

As you are seeing from others, it depends on the other details. Sometimes it is possible to put a co-borrower on a loan that has no credit but usually that just makes it more difficult to get the loan approved. It may be possible to help her develop a credit score in just a few months which would likely be acceptable if you've been together for the past few years. One option may be to add her to a credit card you have had for a while but is only in your name right now. If you were recently married it may be difficult to inlcude her on the approval until she has can develop a credit profile - even if it is limited.

Jun 24th 2013
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Eric Vander Werff (Loanguy99201)
#87 ranked lender in Washington - 27 contributions

Yes - you can still apply on your own as long as your income supports the desired loan amount. Just a friendly bit of advice - I would have your wife apply for a $500 limit Credit card and maybe another small loan that will report positively on her credit. Six months from now, as long as the payments are made on time and she keeps the account balance very low or at zero, I would guess she would have mid 600 scores as long as there aren't any outstanding collections, or any new negative accounts. Good luck!!

Jun 24th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, but you can only use your income.

Jun 24th 2013
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Manuel Gonzalez (mmortgage1)
#91 ranked lender in New Jersey - 90 contributions

There are a few options you have. You can buy a home and use FHA financing, there are ways to add alternate credit to her credit report and she will be able to come on the loan. Something else you can do is add her as an authorized user on your credit card and she should get a score by next month which is 10 days away. Also there are also some portfolio programs some lenders have. Contact your local bank and ask about these different options.Good Luck

Jun 24th 2013
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Andrew Alfonso (CashCow)
#44 ranked lender in Florida - 271 contributions

Sure Why not. Andrew

Jun 25th 2013
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St.marks Sanders (St.Marks)
#65 ranked lender in Colorado - 10 contributions

Yes, you can use her income and we will need to use alternative credit for her. The only loan will be an FHA loan unless you are a veteran. Let me know if you are interested and I will fly to meet you. I do loans in Aspen all the time.

Jun 25th 2013
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