My husband is purchasing a 2nd home and using our first home equity line to generate the fund for this 2nd home purchase. I've been having my own credit card debts (total close to 40k) that he does not know.
The loan agent said that may use my name for the loan cuz they think that my credit score will be better than my husband's. I'm so freaking out now cuz I know my credit score is not great at all and I'm so so so nervous that my husband will know my total credit card debts.
Should I call the loan agent not to disclose my debts to my husband or he will automatically know that its my own info and will now tell my husband know (the loan agent will run my credit check and will see all my debts).
This 2nd home I will not have my name on it but my husband thinks it does not matter and my credit should be used if it helps get a loan.
What should I do now? Should I CALL the loan agent and inform him this or I just keep praying that my husband will not know? Pls advise. Thanks
2007-06-12 04:12:25 · 5 answers · asked by xpi11 1 in Business & Finance ➔ Renting & Real Estate
Tell your husband (i know easier said than done...) sorry but its the best route!
2007-06-12 04:20:08 · answer #1 · answered by darkdantedevildemin 2 · 0⤊ 0⤋
Well, if you secretly incurred about $40K in credit card debt without telling your husband, you have excellent reason to be nervous.
You are not in a good position here. Your credit report is confidential, and they are not allowed to run it without your express permission. Feel free to call the loan agent and tell him/her that he/she is not allowed to run your credit score without written permission.
THEN be prepared to explain to your husband WHY you did this. My guess is that he will be looking for a good explanation from you.
Your MAJOR error was incurring this debt without informing your husband. He does not have a LEGAL right to know this information, but on a personal level, he has a right to get ROYALLY outraged over what you have done.
2007-06-12 04:20:59 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
This is a great time to come clean about your debt. Continuing to hide this is not a good idea, at some point it will be discovered by your husband, and I suspect he would rather hear it from you then learn about it by chance.
What you should do now is sit your husband down, bring your bills to the table and form a plan to pay them off. Then talk about how you will take steps not to get in this situation again. I know this isn't what you want to hear, but it is the best advice I can offer.
Tell him. The sooner the better.
2007-06-12 04:49:58 · answer #3 · answered by godged 7 · 0⤊ 1⤋
Tell your husband.
Forget about the 2nd home.
Pay off your debt one credit card at a time.
Take the card with the LOWEST BALANCE, pay that one off then move onto the next one till they are all paid off.
Terry Smith
http://www.Welcome2Arizona.com
2007-06-12 11:01:42 · answer #4 · answered by Terry S 5 · 0⤊ 0⤋
call the broker and then find the courage to tell your husband what you did and why. hiding things like this from your spouse is a recipe for disaster.
2007-06-12 04:23:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋