my credit after getting married to a person with poor credit

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I am going to marry my long time friend. He has a poor credit. Is this going to affect my credit too?

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So far you don't open a joint account, it's not going to harm your credit.

jameshogg · Posted: Fri Mar 31, 2006 12:50 pm Post subject:

Hi,

I don't think that should scare you in getting married to your friend. Wink

His credit is not going to affect yours unless you co-sign on a loan, open a joint account, file bankruptcy jointly or file a joint tax return.

Enjoy your married life. Smile

James

Samantha · Posted: Fri Mar 31, 2006 1:14 pm Post subject:

Hi Sheyla,

That is very happy news. I would like to take this opportunity to congratulate you on your marriage.

Don't get scared about your friend's credit. Advice him to lead a life with disciplined budget and that will help him improve his credit. It may require some time, but a small but sincere effort will see him through.

Your marriage will not have an immediate adverse effect on your credit. Every person has an individual Social Security Number and with that he/she can build a credit his/her own. Debts before your marriage will not be a factor. Bad credit of your friend will not affect you unless he co-signs a loan or co-apply.

If you have a joint credit account that may affect you. a credit account held solely in your friend's name will not have an impact on your credit score. But in community property states, all debts that are acquired during marriage are considered as a joint debt. In that case the factor that whether it is a joint account or an individual account doesn't count.

God bless you. Wish you a happy and prosperous married life.

For MortgageFit,
Samantha

Bill · Posted: Fri Mar 31, 2006 4:46 pm Post subject:

Sheyla,

Your future husband's credit will have no effect on your credit. As Samantha denoted your credit is tied to your own Social Security number and everything you have done correctly in the past and will do correctly in the future will continue to benefit you.

When applying for a mortgage loan as a co-borrower with your husband, the credit emphasis is usually placed with the borrower that has the greater annual income (ie: if your husband makes more money, the qualifying credit scores will be based on his credit - possibly resulting in a program that has a higher-risk rate of interest or even a possible denial of credit).

Even if your income is the greater of the two, there are usually lending safeguards that require a co-borrower that has the lesser income still must have certain minimum credit scores for both borrowers to qualify for the mortgage.

I would make it an important issue to clean-up your future husband's credit as quickly as possible so that future credit needs, where you may be co-borrowers, are not jeopardized.

Please don't hesitate to ask further questions that will assist you onto the right track for your future together.

Congratulations!!!

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