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The term joint credit refers to any type of credit facility that is issued to two or more people based on their combined incomes, assets, and credit histories. The parties involved share everything about the debt including the credit limit and the responsibility to repay it back to the lender.
Lenders typically use your FICO® Score to gauge your creditworthiness. Compared to TransUnion's algorithm, Equifax's algorithm more closely resembles the FICO® model. Therefore, your Equifax score may better predict whether you'll qualify for a loan. Your Equifax score won't be a tell-all, though.
When you are applying for a mortgage to buy a home, lenders will typically look at all of your credit history reports from the three major credit bureaus ? Experian, Equifax, and TransUnion. In most cases, mortgage lenders will look at your FICO score.
Ask the CRA to Add the Information Send a copy of a recent account statement and copies of canceled checks (never originals) or other proof of payment showing your payment history. Then, ask the credit reporting agencies to add the information to your file.
Like all major lines of credit, a mortgage will appear on your credit report. This is probably a good thing: A mortgage can help build your credit in the long run, provided you pay as agreed.