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Can I transfer my student loan to my wife to improve our ability to get a mortgage?

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microgencar Joined: 23 Apr 2011 Posts: 1 1.33 Dollars($)	Posted: Sat Apr 23, 2011 5:02 am    Post subject: Can I transfer my student loan to my wife to improve our abi Like 0 Dislike 0 When my student loan went into repayment early the company put me down as late in payments even though I made my interest payments. Now my credit score is trashed and we are better off getting a loan in her name only. This obviously pulls down the amount we can borrow. If I transferred my debt to hers (she has excellent credit scores) will her scores be trashed? Will mine improve? At this point we need to explore all options...
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sun Apr 24, 2011 2:42 pm    Post subject: Like 0 Dislike 0 Hi microgencar, Welcome to Mortgagefit, Quote: At this point we need to explore all options At this point of time I do not find any reason to transfer the loan to your spouse's name,because according to me it won't help. Secondly I will only advice to you that instead of transferring the loan to your spouse,you can take credit builiding more seriously for yourself.It is always better to have patience and slowly build your credit and then purchase with a good credit because it helps in long run,instead of small patch-up and shortcuts to achieve some short term goal.(may be financing) First of all, I think the loan will not be transferred at all to your spouse's name..(I am not sure,you need to check it out with lender ,whether it can be done or not?)... Even if it is accomplished, for the time being if you could not pay it on time it will ruin your spouse's credit as well. Feel free to ask any further query if you have.. DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Apr 24, 2011 11:20 pm    Post subject: Like 0 Dislike 0 Welcome microgencar, As you have taken out the student loan, you won't be able to transfer it to your wife. You will be liable for the payments. Unless you pay off the student loans, your credit won't be improved. _________________ Procrastination is the enemy of your financial success

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