02/18/2025
Real talk: do you know your future spouse’s FICO score?
I just met with a recently married couple looking to get pre-approved to purchase new a home. They were excited because the home checked all their boxes: close to family members, ideal neighborhood, desired number of bedrooms.
I asked them each what they thought their credit score was. The first spouse said “excellent, probably over 800”. I turned to ask the second spouse, who immediately got embarrassed and said “oh, not that high”. Turns out the second score was in the 500s, and needs credit repair before we can proceed with underwriting.
In this case it was not as simple as “leaving one spouse off the loan”, because the spouse with the lower credit had a significant portion of the couples income and therefore needed it to qualify for the loan on the dream 🏠.
The good news:
✅ credit repair is possible!
We now have a plan in place to remediate the credit utilization and will likely hit a target score in May, just in time for purchase season and an increase in available inventory in their desired neighborhood.
This is why I encourage all engaged couples to meet with us for a strategy session BEFORE you think you are ready to buy a home. The path to homeownership may be shorter than you think, or might need some additional planning.
When we have time on our side, we can get your into the best possible place for a strong offer and ideal interest rate for your first purchase. 💫
Schedule a complimentary planning session via the link above to get a custom plan in place to merge your finances and get mortgage ready.
Meredith Herr
NMLS 1966209
Broker and Reno Branch Manager
