Just married- credit ?s?

Question

I just got married- I have a lot of credit card debt and a mortgage (perfect on-time more-than-minimum payment history, but high balance/limit ratio), and he has no credit history at all aside from a checking account (no debt).

Will adding him as an authorized user on my CC's improve or hurt either of our scores? Should I see if I can add him to the mortgage? I'm trying to get our scores as high as possible so we can use balance transfer offers to aggressively pay down my debt with less interest.

Thanks!
Megan

Answer 1

I totally agree with Renita M's advice.

My concern is your eagerness to aquire more credit when you are apparently starting to get in trouble with your current debts. I don't believe balance transfers will help you this way.

Many times I've adviced one person to get a card with a co-signer with good credit. But that won't help you if you are already in debt. Having more available credit may hurt your own score.


How much equity do you have built up in your home? Would a home equity loan help your situation?

Answer 2

If he is only an authorized user on your cards it should not affect your scores but it will not help him establish a credit history. He needs lines of credit in his own name.

I'm not sure about how the mortgage would affect his credit but it can't hurt if all the payments are made as agreed.

Be careful with balance transfer offers as some cards will charge you so much that it may not save you any money. Also, credit card companies that check your credit regularly will see what you're up to and may increase the rates you pay. It also hurts your credit score to open new accounts and close old accounts since they like to see stability.

Answer 3

i have been in the mortgage business for almost 9 years now and heres the advice i have for you in this situation, you should not add him on to any of the cc's, even him just showing as authorized user, having all the open accounts on his credit will bring down his score, a mortgage however and having him added on as long as the payments are made on time every month will help his score as the mortgage rating and being a good payment every month will raise his score and / or keep it good. if you need any help in refinancing the mortgage to add him onto it please feel free to contact me at [e-mail]

renita

Answer 4

Only add him to your credit cards that have a low balance. That will put them on his credit but will look good. If you they are all close to or are maxed out, it will actually hurt his credit. Another option is for him to get a store credit card, like Target or JCPenney's. Every month buy something for $20 on the card and then pay it off immediately. It will shoot his credit up drastically.

Answer 5

It is likely that your credit rating will go down because he has no credit, but your good credit will boost his score. But only if it's a joint account. Just having him as an "authorized user" won't affect either of you unless he racks up tons of debt and you can't pay it and he won't.

Answer 6

The only way to add him to the mortgage is to get a new one...so basically you can't. Don't refinance if you already have a great interest rate...it's not worth it.

Have him take out some credit of his own. If he can't qualify for credit cards due to his lack of history, have him take a secured card.

Answer 7

Putting your new hubby on your CCs will definitely go AGAINST him! Now he is just as responsible for the debt as you are. It will go on his credit report as well as yours. (I went through this with my ex). Get them down to a zero balance, THEN put him on.
Good Luck!

Answer 8

you need to clear the mess before its too late