Posted on: 20th Sep, 2011 12:05 am
My husband and I just got married and are trying to plan for our financial future. I have decent credit of around 720 whereas he has a credit score of around 640. His low scores are due to a fraud that took place over 2 years ago, and resulted in a foreclosure on his credit report. Is there a risk that my credit score is negatively impacted if we get a card together, or if I become an authorized cardholder on his credit union CC? Should we open an entirely new CC together? We are hoping to build his credit, so we can eventually buy a home.
Hi Marina!
Welcome to forums!
You can take out a card together but you should make regular payments on it. If both of you make timely payments on it, then it will have a positive impact on both of your credit reports. Once your credit score improves, you can start applying for a mortgage with the local lenders.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can take out a card together but you should make regular payments on it. If both of you make timely payments on it, then it will have a positive impact on both of your credit reports. Once your credit score improves, you can start applying for a mortgage with the local lenders.
Feel free to ask if you've further queries.
Sussane
Apply for a card jointly and also add him as an authorized user on your credit cards. There will be no negative impact on your FICO scores, and his should start to build back up over time.
His credit does not affectv your credit unless you have both names on the derogagtory item that occurred or will occur.
So, open all the joint accounts you want.
If you want to be added as an authorized user to his account, that is fine except do not add yourself to any old derogagtory accounts.
So, open all the joint accounts you want.
If you want to be added as an authorized user to his account, that is fine except do not add yourself to any old derogagtory accounts.
