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Marrying someone with spending/credit issues will haunt you your entire marriage. I wouldn't marry him until he gets his credit score up and proves to you that he is responsible.
What a terrible suggestion . The guy filed bankruptcy several years ago and hasn't had credit since and now he's gonna be a bad husband?
erjunkee,
If his BK was 10 years ago, it's not an issue, it's been long enough and only a factor because of the collections, and even then, it's a speed bump, not a mountain. You are in luck, medical collections are not even part of the equation or a very small part of it.......the reason, over-zealous medical collectors have shot themselves in the foot and now they are regarded as a nuisance, not as a serious debt collector when it comes to credit scoring. He'll still have to pay them (if they are valid) to get a mortgage, but this is not anywhere as bad as you may think. Get those paid (after verifying the debt exists), get him on the road to establishing new credit and this may be a non problem in the near future.
Where the issue lies w/ bankruptcies is bad credit afterwards........and as in "credit," I mean credit cards and loans, medical collections don't count for the reasons above. If he is on a lease, it's possible to get the landlord to add it to his credit history.
This may not be as bad as you thought - I was thinking the BK was within the past 4 or 5 years. DM me if you need assistance.
You need to get him to get "new" credit. He might not want a credit card, nor use it, but you need the revolving credit as new credit to bring up his score. The more credit you're allowed to borrow, though you aren't using it, the higher your score can go.
Of us two, I'm the one making a very high income(I'm an ED physician), enough to the point where I can pay off my debit within 2 years. But, I understand what you're saying, nevertheless.
There is no need to include your soon to be husband on the loan. Get a conventional loan in just your name and his credit won't come into play in any fashion. Piece of cake.
My husband had a credit score that was likely in the 500s when we got married 14 years ago. He had a very high credit usage and a lot of student loans and a high DTI ratio. He also hadn't been great about paying on time and had a lot of 30s and even some 60s and 90s, although he always got caught up again.
We bought a house 3 years after we got married, and his credit was a little better, but his DTI was still really high. I had no debt, so we bought a house using my credit and my income only. The lender required the house be in my name only. Turned out to be a great decision, since husband lost his job and was out of work for a year. If we had bought a house based on both our incomes, we wouldn't have been able to afford the payment.
I kicked him a few times and made sure that paying bills on time was a priority. We refinanced this year and put both of us on the new mortgage and deed. About 5 years ago, we paid off the last of our non-mortgage debt, which was awesome. When we refinanced, his credit score was 3 or 4 points better than mine, but we were both around 820.
If you are the primary breadwinner, buy a house in your name, based on your credit and your income. That way, whatever he makes is a bonus, that you aren't depending on. You'll be more financially stable, and be able to build up an emergency fund, retirement savings, etc.
Biggest concern here is are you planning on having kids, and if so, are you both on board with him staying home while you keep your high paying job? Or hiring a nanny and both of you continuing to work?
Marrying someone with spending/credit issues will haunt you your entire marriage. I wouldn't marry him until he gets his credit score up and proves to you that he is responsible.
And some of them learn their lesson.
My husband had TERRIBLE credit when we were first married but mine was excellent. He learned in his younger years the hard way that credit cards can put you financially in a bind. It took several years of building his but he was never irresponsible after that point and we bought our first home (first one only in his name) 4 years after we were married. His credit score now is around 815.
So I wouldn't automatically assume someone who is young will always be irresponsible with their money or credit.
You need to get him to get "new" credit. He might not want a credit card, nor use it, but you need the revolving credit as new credit to bring up his score. The more credit you're allowed to borrow, though you aren't using it, the higher your score can go.
She needs that like a hole in the head. HE NEEDS, not she needs. This is how a lot of that mess with the home load markets came to be, people who really didn't take care of their personal finances and were ill equipped to manage them.
Let someone else do it.
No one finds it strange that she is doing the leg work and he isn't? As someone esle said, this is a disaster in the making.
It hasn't been months of not fixing the credit, its been years.
Yes, credit can be fixed. You fix credit before you start working on the nice house and all that goes with it, not only when you figure out you need credit.
She needs that like a hole in the head. HE NEEDS, not she needs. This is how a lot of that mess with the home load markets came to be, people who really didn't take care of their personal finances and were ill equipped to manage them.
Let someone else do it.
No one finds it strange that she is doing the leg work and he isn't? As someone esle said, this is a disaster in the making.
It hasn't been months of not fixing the credit, its been years.
Yes, credit can be fixed. You fix credit before you start working on the nice house and all that goes with it, not only when you figure out you need credit.
Friends in need are friends indeed.
Please do me a favor and stop posting here.
You haven't contributed anything helpful to the thread, in the two long posts you've written so far.
There's nothing objective or useful about anything you've posted. I could understand if there was something...anything...that you've written that I could use. But, there's nothing. Biting criticism may be your mode of communication , but it's neither wanted nor needed on this thread. If you're having a problem posting anything of any use, no worries: I'll be glad to contact the moderators on your behalf.
As is, your posts are useless and really aren't helping/aiding me...neither is it helping anyone else who reads this thread and is looking for sound advice.
Easiest way to start getting his score up, take a card you have and make him an authorized user. Don't give him the card if you don't trust him not to abuse it(though if you don't trust him for that you may have bigger issues).
Overall, you're not going to be able to do much considering the Bankruptcy will be there for 7 years(I think) and those accounts in collections are continuing to drag down his score.
I'd just start planning to get approved on your own. I don't think you'll be able to get approved with his score by most lenders, at least not without paying a steep premium in interest rates.
Last edited by Jeo123; 02-12-2015 at 12:25 PM..
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. The guy filed bankruptcy several years ago and hasn't had credit since and now he's gonna be a bad husband?
