Bad credit and getting married?

Deal Score0

My fiancé and I will be getting married in September. He has really good credit (that he has worked very hard at establishing) while I have a less than stellar credit score. I know that just by us getting married he does not assume my bad credit but we have to be very cautious of not getting any loans at all together because that is when his credit would be affected. I’m currently taking steps to improve my credit and I consolidated pretty much all of my debt and I will be debt free (at least credit cards and medical bills) in three years! I’m not really planning on getting any credit cards in the near future and I’m hoping that by consistently paying on my current consolidation program, car payment and student loans that I will be able to raise my score. So I guess my question is, we want to buy a house and I have a credit score below 500 and my fiancé has a score in the 700s what should be my next step in this? How high should my score be so that it doesn’t drag his down? Also, I read that mortgage companies like to see at least 2 years of consistent payments, will this be seen by paying off all my debt, student loans and car payment? Is that enough? Like I said, I really want to stay away from credit cards, I definitely do not feel responsible enough to have those!

  1. Reply
    Mom of 2
    February 3, 2011 at 8:47 pm

    If you’re set on improving your score, you’ll do it in time. A good idea also would be to sign up for one of those Score Check things through Equifax, and they give you constant updates about your score, and you can watch it go up and up, as you pay your debts down, and make timely payments.

    You can get loans together and it won’t bring down his score – unless there are late payments, etc. on those loans. Your past won’t bring him down unless you continue to be behind on payments (which it sounds like you won’t). The problem though will probably get *getting* the loans. with a score around 500, you’ll need him to do the borrowing for the next few years, as you probably won’t qualify.

    And to answer your question about 2 years of consistent payments, yes… paying down your debt, student loans and car pmt will help tremendously. Keep a credit card though, so that you can prove to the credit agencies that you can be given credit, and use it wisely, paying on time, while keeping the balance below 50% (at least). Those things will help tremendously. If you start now, and as I said, sign up for one of those monthly Score checks, you’ll be able to see that you’re going to be making great improvements to your score.

    Good luck – and congrats on the upcoming wedding. 🙂

  2. Reply
    Life Is Better After Retirement
    February 3, 2011 at 9:40 pm

    Don’t be so confidant that your “less than stellar” score will not effect his. That is one of the “for worse” clauses in marriage. DO NOT attempt ANY joint credit venture until your score has improved.

  3. Reply
    My Take on It
    February 3, 2011 at 10:25 pm

    I wouldn’t worry about credit cards, you won’t get one with a score in the 500s anyways.

    Just paying off your debt will not raise your score. You do have to re establish credit in your name after paying these debts. That might mean getting a secured card in your name only.

    I would say you should try to get your score up to 620 before trying to get a home loan.

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