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I just bought a house and maintained excellent credit, but he was recently married. Will we be able to move to a new home? Thank you in advance!

6 Thoughts on How to marry someone of credit card debt on our credit or opportunity for a home loan?
  1. Reply
    November 22, 2012 at 4:30 pm

    I believe it’s still possible for you to apply for a loan by yourself. Of course, two people are often stronger than one, credit-wise, but if your wife’s credit is really bad, then you might be better off not connecting her name with it.

  2. Reply
    November 22, 2012 at 5:23 pm

    has your partner’s debt affected his/her credit rating? Debt is not necessarily a bad thing on credit rating. Failing to keep current on debt is the problem.
    Generally lending institutions have formulas that suggest that only about 40% of combined monthly income can be used for debt payment…. example combined income of $ 5000/month means you can have debt payments of $ 2000 per month. In this calculation you must include some utilities in your home as they are considered essential.
    I have poor credit rating from a very nasty divorce several years ago… my new spouse chose to buy house without me on the mortgage or the title and the bank allowed this. It may also work for you.

  3. Reply
    November 22, 2012 at 5:25 pm

    Depends on the credit rating (FICO score) of your spouse, her income, etc..
    Generally, it depends on how much debt she’s carrying and her re-payment record.

  4. Reply
    November 22, 2012 at 5:50 pm

    I cannot say for sure. I just know from personal experience, this was somewhat hard as my ex had lousy credit and we basically had to start “over” with new credit as a married couple. I think it depends on how bad or good the other person’s credit history is.
    Good luck to you both and congrats on your marriage

  5. Reply
    November 22, 2012 at 6:28 pm

    I would think it will affect the credit of both of you, because you as a couple married, need to share the goods as a car, house, money etc.

    If your wife has a bad credit you may need to increase it before you start to upgrade into a new house; if not the loan will be with a very high interest-rate; and maybe you’ll not be able to pay it completely, increase your wife’s credit and try to get that loan to life better.

    Good luck.

  6. Reply
    hen d
    November 22, 2012 at 7:03 pm

    if she is having huge debt and bad credit then she cant act as a co-signer

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