Posted by Christine Baker on February 14, 1998 at 22:48:34:
In Reply to: FICO rating not provided by Equifax due to posted by Carla Alaniz on January 18, 1998 at 15:22:22:
Sorry, bad news for you. As far as I know all mortgage lenders use the LOWER score for joint applicants to "disqualify" you. Or to charge you the highest rates and fees.
Loan programs have various guidelines for averaging or selecting ONE persons Scores.
And, no credit is BAD credit. He needs to establish credit, try to get cards for him from your accounts and make sure they are reported on his credit file.
To my knowledge, paying or settling charged off/collection accounts does NOT improve your Score UNLESS they remove the charge-off/collection entry.
Sorry!
Christine
: My husband and I applied for a mortgage loan and the lender denied the loan because of my husband's FICO score. My rating is above 680 from all 3 credit bureaus, but my husband's are in the 500's by 2 credit bureaus - and Equifax didn't give him a rating at all! Instead of a rating it listed "NO RECENT ACTIVITY". My husband has had no open credit accounts in over 4 years. However, he recently settled 2 collection accounts that he was unaware of (due to a divorce). Any advice on how to get Equifax to provide a score? Also, does the lender add all our scores and divide them for a single score?