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Look people..... she makes tons of money, not to mention the money he makes as well. There is no reason to fix his credit. Once her student loans are paid off in two years, everything can be paid for in cash. People making this much money do not need credit.
Credit is for people who lack sufficient income or planning
Look people..... she makes tons of money, not to mention the money he makes as well. There is no reason to fix his credit. Once her student loans are paid off in two years, everything can be paid for in cash. People making this much money do not need credit.
Credit is for people who lack sufficient income or planning
Credit is for the people who are the exact opposite of what you described. 2% off everything? Free Travel benefits? 0% interest for 18 months?
All of those things should ONLY be used by people who have sufficient income and are capable of planning out their finances to ensure they don't pay more by using credit.
For people who know how to use it without being stupid, credit is the most powerful financial tool available. If you can put $5k worth of expenses on a 0% card and make 5% off the difference, that just reduced the cost of that initial expense to only $4750 by using other people's money.
No, it's not for everyone. It is definitely for people who have sufficient income and planning ability though.
You know who gets in trouble with credit? People who lack sufficient income or planning. The rest of the world gets by just fine by using credit responsibly.
*Have any of you married/purchased homes w/someone with a bad credit score? What was your experience?
Yes, but as a third party and have refinanced them too. Most people don't change.
*Are there any recommendations you can make to him to improve his current credit score?
To improve credit, he must demonstrate the ability to manage and use credit. Using cash is managing cash, not credit. People have already mentioned methods of using YOU to improve his credit, doing so puts yours at risk.
*What hindrance, if any, will his credit score have on our ability to purchase a nice new home?
Probably not a lot in your case
*Should our future home be in my name only?
There are two parts, the mortgage (loan) and title or deed
You should also research "How should you hold title."
He probably won't care since he'll get half if something goes wrong.
I'm just starting to think of all of this and by no means have any solid answers, but I just wanted to get some great advice from other posters.
Thanks in advance .
There might be some advantages of saving your cash for a down payment versus aggressively paying off your student loans now.
How does the discussion go when you have the above discussion with your future husband?
I've discussed these same questions above with him. He's more clueless than I am, as he's never purchased a home and has been a renter his entire life. Hence, me posing the questions to other posters.
I've discussed these same questions above with him. He's more clueless than I am, as he's never purchased a home and has been a renter his entire life. Hence, me posing the questions to other posters.
Clueless to what? What was the reason for the bankruptcy? How is he acquiring more unpaid bills. It appears he has no interests in his credit. He needs to understand where his credit is at and why. Whether he wants to improve it or not is unclear.
First of all, protect you. You have the good credit and from what I'm reading, you make the money. Buy the house before you get married and make sure your SO signs a pre-nup saying the house is yours alone and if you divorce you will not pay alimony.
After you marry, his credit score will go up because he will share your credit. Over time he will show that he is worthy...or not. And if not, you have the pre-nup.
First of all, protect you. You have the good credit and from what I'm reading, you make the money. Buy the house before you get married and make sure your SO signs a pre-nup saying the house is yours alone and if you divorce you will not pay alimony.
After you marry, his credit score will go up because he will share your credit. Over time he will show that he is worthy...or not. And if not, you have the pre-nup.
That's not always true, it depends upon the laws in their state and the terms of any new debt. In most cases, pre-existing debt is still considered the obligation of the individual.
There's no such thing as a "Couple's Credit Score." Each individual has their own card. The only way the score goes up is if her debt/credit lines are extended to her husband(a choice they need to make regardless of marital status).
Hello, fellow physician here who also just recently bought a first home. We got married right before. If you are married they will take the lower score of the two. Also, paying off your student loans will not significantly affect you. Student loans are considered installment debt and it is generally considered okay to carry a high balance. Also, being a physician helps tremendously. Physicians have very low rates of mortgage defaults and our income is regarded as highly stable. I would stay away from physician only loans. While you can get 100% financing, rates are generally too high and not worth it.
As the others have said, I would get a conventional loan in your name only. Your job and income should qualify you for a decent sized loan and your credit score should get you the best interest rate.
It doesnt look like you will buying a house anytime soon.
What I would do. Pay off those student loans, work on improving his credit, get a 20% down payment and extra savings in the bank. Dont force yourself into a house as it will strain you marriage and you finances.
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