In being considered for a home loan, how are the two FICO scores for a married coupled considered? For example, if one has a score of 650 and the other has a score of 750, what score does the loaning instutution look at? The higher, the lower, or do they average them somehow? If so, how?
Anyone? Anyone? Bueller? Bueller?
Here in Georgia, they run the numbers together for a cumulative score, then run them for a score weighted on the strengths of the most qualified borrower. Then they run them on a risk assessment for the least qualified. They will then run a 60/40 split (with the most qualified being the 60). Then they tell you they need to talk to the credit supervisor, and they go out in the parking lot and take a look at your car.
Crappy, beat-up old Hyundai = denied. New Maxima in good shape = LOAN!
The preceding was made up off the top of my head. I have no idea. Just a bump. Good luck.