The problem lies with a car loan and a $5000 loan my fiancee co-signed for his sister. All his bills are always paid on time but his sister has been paying late or not at all on the loans. The two loans are the only thing that stand out as bad on his credit report. I pay my bills on time. I have one bad thing on my credit report, which is a hospital bill, and we have a car in both our names, which we pay on time. We are getting married soon and I need to know if it's going to affect my credit in any way. Could we still get married? Will they come after me if the loans don't get paid? Will we still be able to buy a house? I need to know cause not knowing is really stressing us out.
2007-07-12 05:00:02 · 8 answers · asked by DeeDee214 2 in Business & Finance ➔ Credit
First there is no requirement that people have to have good credit to get married, and getting married will not effect your credit. What is on your report is still yours, what is on your fiancee report is his.
As to your other questions. When you fiancee co-signed for the loan he took responsibility for it. If she is not paying on it he needs to find a way to get his sister to pay off the loan, or he needs to make the payments. They could come after him to pay the loan if it does continue to not being paid.
As to if these will keep you from getting a house or not really depends on a lot of factors. This includes how much it actually is effecting your credit scores, as well as things like your income.
2007-07-12 05:12:32 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
This is a very common problem, when you co sign. You are taking responsibility about this loans, so if you already did it, you pay on time and try to collect money from your sister. When you decide to buy a home, you can buy on your name only, because your credit is better then his. You definitely can get married, this loans on his name only, and it's steal need to be pd. So get married, just don't co sign any more, I did a few times and ended up paying and arguing about. You think you helping, but it's a big burn on yourself, Good Luck!
2007-07-12 05:20:36 · answer #2 · answered by reality 6 · 0⤊ 0⤋
The only way your future husbands credit will effect yours is if you two apply for credit together.
Then the slow pays on his credit will effect your rate of interest and any fees you may be required to pay.
What you might think about doing is having the invoice for the auto mailed to your address rather then the worthless sister. This way she can pay your husband and if she doe's not, he can go ahead and pay it so his credit doe's not get any worse.
The other thing you can do since his name is on the car also, is take it back and sell it. You will have to come up with any difference that is owed from the sales price and the amount that is owed but at least this way his credit would be clear of this bad account and it would show as paid in full.
2007-07-12 05:11:36 · answer #3 · answered by ? 7 · 0⤊ 0⤋
They can't come after you directly if you get married, for a bill he owed before you were married and you were never on. And unfortunately, if he cosigned for his sister and she doesn't pay, it becomes his bill.
Don't let it stop you from getting married. And if your credit is good otherwise, you probably can still get a mortgage. Might end up having to pay off his sister's car loan though. And if your hospital bill wasn't paid, see if you can make arrangements to at least pay on it - and ask if they'll reduce it since it wasn't covered by insurance - they might.
2007-07-12 05:11:52 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Your credit report always remains YOUR credit report and his remains his. As long as your name is not the loan it will not effect your score in anyway shape or form.
Credit identity has nothing to with marriage.
As far as buying the house, well the morgage company is going to look at both of your scores most likely. So if his credit score is very low, then it could effect your chances of getting the loan. The situtation doesnt sound all that bad to me as long as your credit score is good....good luck and dont let this effect your desire to get married.
2007-07-12 05:10:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well why you not be able to get married? Of course you can get married. I would have your fiance talk to his sister and say to make sure she pays the bills on time or that she needs to refinance and get his name off the loan. You can also buy a house but make sure he talks to his sister and maybe look into other options for her to get another loan without his name on it.
2007-07-12 05:12:06 · answer #6 · answered by ? 5 · 0⤊ 0⤋
pass female GET OUT of ways! in the experience that your call isn't on the domicile and you are the fiance, you're putting your self up for some extreme harm!!! you should pass back to the place you got here from and get your self mutually. purchase your very own residence! he's making use of you! He does not see something everlasting with you or you would be asserting a house that "we" offered! Take it from an old veteran, permit IT pass mutually as you nevertheless have your dignity!
2016-10-21 00:14:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋
In order to save your creditability you and your fiance could consider a debt consolidation which would include the sister's car loan.
If his sister is working, have her arrange a "salary deduction"" which will be given to you.. This check will be an additional payment to this new loan account.
2007-07-12 05:37:24 · answer #8 · answered by Seeanna 5 · 0⤊ 0⤋