How do lenders analyze credit for couples? Does a Co-signer help with credit? You’ve probably heard about the difference between a soft credit hit and a hard credit hit. Whenever you get pre-approved for a home, it’s a hard credit check. But this is different than an auto loan or student loan. There’s no way to shop for mortgages without having your credit pulled so it’s not harmful to your credit score.

Can you open up a new line of credit during the home buying process? You might want to hold off on these big purchases because they could impact your debt ratio a lot. As we continue our conversation on credit today, we’ll discuss these questions and more.

If you have questions about a mortgage or refinancing you can get your 15-minute free consultation with Bill: https://calendly.com/blitton/30min?month=2022-01

TIMESTAMPS:

0:21 – Credit with couples

3:14 – Co-signers for the loan

4:06 – Soft vs. hard check

5:53 – Making big purchases

8:25 – Utilization ratio

10:07 – Credit card limits

QUOTABLE MORTGAGE MOMENT: 

“Co-signers are great to help with income issues, but they cannot rectify a credit issue.”