and your credit is perfect, does it affect you at all? Does your credit go down? Also... suppose your new spouse previously has lots of unpaid debt. Is this now your debt as well?
2006-08-31 23:44:26 · 8 answers · asked by justme 4 in Business & Finance ➔ Credit
my son did and did he got a rude awakening
2006-08-31 23:50:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What a bunch of CRAPPY responses!
Let me assure you, both from my research into the credit laws, and from my own personal experience, that it does not hurt your score when you marry a spouse with poor credit.
You each have your own credit history.
But it can have some negative effects on you. If the spouse is the breadwinner, they can sue HIM and garnish HIS wages. If the house is in his name they can place liens on it, or they could take his property.
Therefore, debts "could" effect you indirectly in this way. But not directly.
When I got married, my wife came with a lot of debt "baggage". Since everything was in my name, and she had no income, the creditors couldn't touch her.
It took me a couple months work to get the collection agents off her back.
Then I got her a couple credit cards co-signed in my name, and a car loan. Now she has better credit then I do!
2006-09-01 08:04:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
IF you marry him, his debts are now your debts. IF you were to get divorced, since he brought them into the marriage, he would take them with him and it wouldn't be your responsibility.
Your credit will be affected if you try to finance something together.
For instance, you go to buy a house, your 750 credit score would give you the best interest rates possible but if you want his name and credit history anywhere near this mortgage, you'll be paying a much higher interest rate and probably PMI which sucks.
IF it were me, I'd put off the wedding until he gets his act together.
2006-09-01 04:58:22 · answer #3 · answered by LB 6 · 0⤊ 0⤋
As long as his old debts stay in his name, you're not responsible for them. However, it's questionable to marry someone who would treat his money like that and I'd advise you to be very careful about giving him any credit cards or access to checking accounts that are in your joint names.
Also, if you want to buy a house- apply for the mortgage loan with your own name and not both. Mortgage lenders will give you an interest rate based on the lower of your two FICO scores.
2006-09-01 00:13:32 · answer #4 · answered by Vadalia 4 · 0⤊ 0⤋
as far as i am aware, if you apply for something solely in your name you should get the credit. But if you & your partner (with the bad credit) go on the application, you might find it harder to get approval. Again, as far as I'm aware, you future hubby/wife's past debits should not become your debit unless you sign something to say you accept responsibility also.
I'd call a financial institution & just ask just to be certain.
2006-09-01 00:15:44 · answer #5 · answered by Mrs D 6 · 0⤊ 0⤋
If you apply for a loan individually then there wont be any problem, but if you joinly apply for a loan, then your application could be rejected or you could get a loan a a highere rate of interest
2006-09-01 02:18:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
That someone improves his or her credit
2006-09-01 00:11:48 · answer #7 · answered by baheramgor 3 · 0⤊ 0⤋
Keep your own last name . Do not add his name to anything with yours on it. Do not sign anything with his name on it ......... Be careful!!!!! Goodluck....
2006-09-01 01:16:42 · answer #8 · answered by TT Bomb 3 · 0⤊ 0⤋