I am so angry. I don't know what to do. My husband has such a low credit score he can't get a two dollar loan.(figure of speech) Even if I have a good score he's the bread winner and he's dragging us both down. He already created this "bad credit" before I ever came along. I had no idea. This does not change the fact that I love him, but it makes me wish I were not legally tied to him. No matter how good my credit score is his will over take it. No one will give us a loan. NO ONE what so ever.
2006-07-12 07:28:00 · 15 answers · asked by Anonymous in Business & Finance ➔ Credit
Wow....it almost sounds like your credit score is more important than your relationship with your husband.
Your credit score is nothing more than your "I love debt" score. Instead of focusing on borrowing money, why not focus on getting out of debt and never borrowing money.
I want my credit score to be zero (0). I'm debt free and have money in the bank. My goal is to never borrow money again.
Scott.....
2006-07-12 08:30:24 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Yes you are right.. definitely a long haul if you all are married. A couple of pieces of advice:
Bad credit does stay on your report for approx. 7 years. HOWEVER, it DOES come off. Good credit is NEVER removed from your report, so over a period of many years you do have good news in that you can get better credit.
Applying for a credit card that you pay off every month or that you have a savings plan on the side can be a plus to you. It will cost several hundred dollars in a side plan to get the card, but over a period of a year or two, you will be establishing credit and you will then be able to ge a loan.
Your husbands credit problems can be worked out, but they will take time. He can also call some of the debtors, if there has been a period of time and he still owes them, and see if they will accept a lump sum settlement. (example: ask if they will accept $700 today instead of the $1000 he owes over a period of the next 12 months). The lump sum payment will not Erase the credit Glitch, but will show a zero balance which looks a lot better on his report than a bad glitch with $1000 still owed.
You can also often get a free credit counsellor at a lot of the banks and credit unions. Ask your local bank or institution if there is someone available to sit you and your husband down and look over your financial situation. Sometimes they will do this for their customers especially if they think you may come to them for a mortgage or other large loan in the future.
Good luck
2006-07-12 07:39:22 · answer #2 · answered by sheristeele 4 · 0⤊ 0⤋
If this for the purchase of a home? If it is, unfortunately, there is nothing you can do (not even apply by yourself) because he is the bread winner. He must pay all his debt, then get a credit card which you will manage, make small purchases with it and pay in full when the bill comes so he can start re-building his credit. This will take some time but it will work.
Good Luck!!
2006-07-12 07:35:10 · answer #3 · answered by gaby1120 2 · 0⤊ 0⤋
If my spouse had bad credit before we were married, will that affect a credit score?
If you hold a joint credit account, have co-signed a loan or have authorized use of another person's credit, these items could affect a score if they appear on your credit report. It's important that joint account holders or authorized users understand that their credit behavior does affect the other joint account holder or main account holder.
A credit account held solely in the name of your spouse, child or any other family member cannot impact your credit score. However, in community property states, all debt acquired during a marriage is considered a joint debt, regardless if the account is joint or in the name of an individual spouse.
********************************************************************
I think if you want to get a loan then you should get it in your name on an account that is not joint. That's the best advice I can give.
2006-07-12 07:37:57 · answer #4 · answered by monavyas15 4 · 0⤊ 0⤋
Well, I don't mean to sound like an a**, but good for the banks. Deadbeats rack up the cost for we non-deadbeats. What should you do? Realize that you and he are being held accountable for him being a deadbeat. After five years of being financially responsible - the credit score will start to rise, so there is hope.
2006-07-12 07:34:25 · answer #5 · answered by imabiggles 2 · 0⤊ 0⤋
Maybe you can get him a credit card (most will at least give you guys a $300 limit ) and make sure your payments ON TIME and pay more than the minimum balance. That will help rebuild his credit slowly.
2006-07-12 07:33:38 · answer #6 · answered by T 4 · 0⤊ 0⤋
If you have no income, your score is of no importance. No one will lend you money either without an income.
You need to get your husband to repair his credit. It can be done within a few years.
2006-07-12 07:33:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Honestly, I think you should love him for loving you. I'm in the same situation, and "ashamed" of my past credit score with, and in lue of my ex'es.
I've learned my lesson, and would do anything for my new girl. Give him a chance, and don't criticize him for his past, if he's wanting you in his future.
Now, if he's continuing his practices, then you need to talk.
Best wishes!
2006-07-12 07:33:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Can you get credit using your maiden name? Make him clean up his act, credit counselors can help. Try getting a separate checking account and paying your bills with it to establish yourself.
2006-07-12 07:33:17 · answer #9 · answered by Maria b 6 · 0⤊ 0⤋
if you have a job you can apply for a loan in your own name
2006-07-12 07:33:16 · answer #10 · answered by Anonymous · 0⤊ 0⤋