FICO scores needed for best rate.

Hi all.

I'm starting the refinanciing process and am curious as to how my wife and my credit scores affect the rates we're offered.

I'm at 805 and the wifes scores is 775.

Everything else not considered, would we be offered the best rate?

I "think" I heard that 820 gets you the best rate but can't remember.

In our situation who's score would be considered.

She's bringing in the bulk of our income (2/3's) but has the lower.

BTW, great site.  I've been lurking for the past 4 months now.

Tommy

Lenders use the lower middle score of the 2 borrowers.  Anything 740 and above is treated the same, so you seem to be fine based on credit score.

Thanks.

Thats sort of a relief.

Tommy

Tommy,

There are certain lenders on the wholesale side that are offering "specials" if you will for scores over 750 then again if you're over 800.  These specials are in fee not in rate.  For instance, if the incentive for a 805 score is .375% that is in fee not rate.  So instead of paying 1 point (percent of your loan amount) for 4.75% (strictly an example-NOT A RATE QUOTE) you could pay .625% for the same rate with the pricing special.

So it does matter.

how does income balance against score and/or offset it? credit scores are somewhat arbitary....

sean clancy:

how does income balance against score and/or offset it? credit scores are somewhat arbitary....

I'm not so sure that credit scores are "arbitrary" as their is an algorhithm that is used to determine ones score and general things that consumers can do that will lead to a good, bad, or other credit score...

Income has Nothing to do with score...your income has nothing to do with the rate offered...you must simply earn enough income to support the loan amount you are requesting...

The automated underwriting engines may allow you to have a higher ratio of your debts to your income if your score is higher.  They are designed to mitigate the risk associated with your loan.