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Credit question

Credit question

Old Jan 26th 2011, 4:59 pm
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Default Credit question

So, we've just made the move over to the US (me UKC on an IR-1 so now a LPR, wife USC), and we were resigned to waiting a couple of years to establish a good credit rating before we could consider looking for a mortgage etc.

We had assumed that having spent 10 years in the UK my wife would not have much of a US credit rating, but I just persuaded her to go check her FICO score, and it would seem that all the years she's been paying off her US student loans from the UK have paid off: she has a score of 779, which I understand is very good indeed.

However, so far it's just me that's working, and as she's an academic in a fairly specialist subject area, it could be quite a while before she gets a job.

So our question is - how good a combination will it be for one spouse with a good salary but no US credit history and the other spouse with no income but an excellent US credit history to get a mortgage?

Thanks all in anticipation!
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Old Jan 26th 2011, 5:16 pm
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Default Re: Credit question

I think your best option is to try to get pre-approved for a mortgage. This way you will find out if you can get a mortgage (and how much you can borrow) before you start looking at properties. This is probably a good site to start with:

http://www.homebuyinginstitute.com/m...s_article3.php
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Old Jan 26th 2011, 5:50 pm
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Default Re: Credit question

Originally Posted by rpjs View Post
So, we've just made the move over to the US (me UKC on an IR-1 so now a LPR, wife USC), and we were resigned to waiting a couple of years to establish a good credit rating before we could consider looking for a mortgage etc.

We had assumed that having spent 10 years in the UK my wife would not have much of a US credit rating, but I just persuaded her to go check her FICO score, and it would seem that all the years she's been paying off her US student loans from the UK have paid off: she has a score of 779, which I understand is very good indeed.

However, so far it's just me that's working, and as she's an academic in a fairly specialist subject area, it could be quite a while before she gets a job.

So our question is - how good a combination will it be for one spouse with a good salary but no US credit history and the other spouse with no income but an excellent US credit history to get a mortgage?

Thanks all in anticipation!
Unfortunately, score isn't the only thing they take into consideration, its also history. My score was in the 700's within 3 months as I transferred my Amex credit card. However, we couldn't get any credit anywhere else, it always came back with not enough history
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Old Jan 26th 2011, 6:55 pm
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Default Re: Credit question

Originally Posted by N1cky View Post
Unfortunately, score isn't the only thing they take into consideration, its also history. My score was in the 700's within 3 months as I transferred my Amex credit card. However, we couldn't get any credit anywhere else, it always came back with not enough history
Yes, that is a good point, but in my wife's case she has built up the score through a multi-year history of paying her student loans, albeit from the UK via her mother in the US.

Well, we still need to sell our house in the UK to get money for a deposit anyway, so early days yet!
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Old Jan 26th 2011, 9:58 pm
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Default Re: Credit question

Originally Posted by rpjs View Post
Yes, that is a good point, but in my wife's case she has built up the score through a multi-year history of paying her student loans, albeit from the UK via her mother in the US.

Well, we still need to sell our house in the UK to get money for a deposit anyway, so early days yet!
That's still only one line of credit. It's just like having only one credit card, it doesn't help that much.

They do like to see varied lines of credit.

Best bet is speak to an agent, probably at a credit union, to see what your options are, and if you can put more than 30% down as a deposit, you'll probably have an easier time of things.
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