Looking for refinancing our home

Hi Patricks

Welcome to the forums.

Basically, if you look at your wife's credit report, it will show a FICO score that is calculated from the usage of credit cards, car payments, mortgage history etc.

If your wife is not having a credit score, it will show problems in getting a loan especially during the times when you are trying hard to qualify for a loan based on income.

Regards
Roxette

If your wife has no credit score, then that means she has a zero credit score... which with some lenders is not as bad as having a poor credit score..

I know of mortgage lenders that will lend up to 80% LTV on a purchase or refinance transaction, whereas if you have a 475 credit score... the lenders will scrutinize you as "high risk" and only approve you with 70% LTV provided the loan amount is over $100k.

Having no score is not necessarily a bad thing, it just means she hasn't established any monthly timely payments yet or borrowed any monies from anyhere.

Now, if she has borrowed money from credit cars, taken out a car loan, student loan, etc... and your bank is telling you this, then it is probably a credit pulling error. Make sure the lender double checks with his/her credit pulling agency.. I have seen computers make errors.