Question: We want to buy our first house, but our credit isn’t great.
One of us has a credit score of 580 and the other has a 620. What should we do?
Answer: Boost both of your credit scores.
Even if one of you has good credit, it doesn’t “cancel out” the other’s bad credit. The loan terms you get will most likely be based on the lowest credit score, so it’s in your best interests to talk to a lender and find out what your options are.
Some lenders specialize in low-credit-score loans, but you may end up paying significantly higher interest rates if your credit scores (or one of your credit scores) aren’t up to snuff.