Our son is preparing to marry a girl who owes about $3500 for medical care. It's been on the books for more than a year, she hasn't been able to pay anything on it, and she has elected not to respond to any collection efforts. He has worked hard to develop a good credit history, with the intent of purchasing a home someday soon. Will her poor history ruin his credit, and what recourse does he have to get this resolved before they marry? (He doesn't have the money to pay this bill off for her, but I'm not sure how much that would accomplish since she is already so far in arrears.)
2006-08-14 16:45:08 · 10 answers · asked by CassandraM 6 in Business & Finance ➔ Credit
So many terrible answers...where do I start?
George, you are right. But that applies to debts AFTER you are married, not before. You do not inherit your new spouse's debt.
Grassie, I'd love to know the source of your information. While medical bills are represented differantly on credit reports, they will still effect your score, and therefore it has a negative effect.
Angel, your mortgage broker needs to read the FCRA laws, your info is incorrect.
The fact is that when you get married, you each have your own credit history, and they DO NOT MERGE.
The only way her credit will effect you is if you apply for joint loans. You also need to keep separate bank accounts in the event they attempt to place a lien on it.
When I got married, my wife came with "debt baggage" and had terrible credit. The creditors found her new address and began sending her threatening letters and phone calls. She was scared to death, and didn't know what to do.
I did! In a few weeks time I got the collectin agents off her case. Within a few months I co-signed for a credit card in her name, and began re-establishing her credit. The creditors couldn't do anything because everything was in my name, and she had no job or income (housewife).
Her bad credit had no effect on me at all.
2006-08-15 06:24:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Although they are married have him keep stuff seperate and his credit will be fine. The real catch comes with buying a house. If it requires both to sign, interest rate will be high due to her credit but not affect his credit unless they have late pays. Incidentally, call the collection agency and make an offer (low). You'll be surprised how fast they will jump on any offer (GET IT IN WRITING!) if it is old debt and they don't plan on getting anything anyway. Most times they will take pennies on the dollars. Once completed, you will have to push very hard to get there cooperation in getting it removed from the reports. also, 99.9% of medical bills are never taken into consideration for major type purchases. It is not taken into consideration for cars, houses, and other major purchases.
2006-08-15 00:04:57 · answer #2 · answered by grassi73 1 · 1⤊ 0⤋
According to my mortgage broker (I just bought a house in May 06) anything older than 18 - 24 months really doesn't count anyways. It's her recent past that counts. If she pays it now it will restart the 7 years of being on her credit again.
She can try to lowball them, but once she starts talking to them it will open up a new can of worms where they will be after her again.
Also - it's just medical bills...mortgage companies look at REAL bills like credit cards/ car payments etc.
I went through a terrible divorce and had all sorts of things on my credit. I just bought a house with 0 down and a good interest rate. It's all about persistance baby!!
I used Bradd Bitner at Nationpoint for my loan. He rocks!
:)
Good luck!
2006-08-15 00:13:44 · answer #3 · answered by angel_s_garden 3 · 1⤊ 0⤋
Her bad credit record will not affect the good credit record of your son. One's credit history affects only the person who owns it. However, after getting married and they plan to buy a house, your son will be better of applying for the loan himself without making his wife a co-borrower if at the time, she still has a bad credit score.
2006-08-15 00:26:38 · answer #4 · answered by Belen 5 · 0⤊ 0⤋
No it won't affect him - when they go to buy a house they will use his credit score same for a car etc. BUT the phone calls from collection agencies ETC will be enough to drive them mad. It would be better to pay off the 3500 she owes, for their peace of mind.
2006-08-15 09:07:20 · answer #5 · answered by CreditCardMan 2 · 0⤊ 0⤋
In most states married people are legally one person. You might be able to file something before the wedding, but you'll need a lawyer.
2006-08-14 23:50:59 · answer #6 · answered by George A 2 · 0⤊ 0⤋
I don't think that it should effect him since it was before they got married unless they attempt to go to get a house or something in joint names. Then it would drag down their joint credit score.
2006-08-14 23:49:39 · answer #7 · answered by 1Jazzy1 3 · 0⤊ 0⤋
most likely he would have to get the house just in his name because her poor credit will affect him getting loans or any type of stuff dealing with credit
2006-08-14 23:52:35 · answer #8 · answered by shelleigh 3 · 0⤊ 0⤋
make your potential spouse go thru a credit clean-up -- you can by books to help resolve issues affecting your credit score
2006-08-15 00:22:29 · answer #9 · answered by leslieguelker0517 4 · 0⤊ 0⤋
talk to a lawyer before the wedding
2006-08-14 23:49:01 · answer #10 · answered by dt 5 · 0⤊ 0⤋