· Buying a home with someone who isn’t your legal spouse can expose all sorts of issues, warned Vaughn.. How will the mortgage be paid each month?. So maybe your partner has bad credit.
Partly because reverse mortgages have received some bad press, the national reverse mortgage lenders association just launched a campaign to help. line of credit so you won’t be forced to sell.
· I have great credit. It is above 720. I always pay everything on time. I have a mortgage and no credit card debt, no school loans, and I am about to pay off my car loan. My wife has bad credit. I think she has a credit score in the upper 500s. I want to add her as an authorized user on my credit card so she can buy groceries and gas on my rewards credit card that I pay off every month.
Ray McMillan Mortgage Team. If you’re thinking about getting a joint credit card with a partner, spouse, or child, knowing the pros and cons will help you decide whether it’s a good idea.. Adding a spouse or family member with bad credit to your credit card can help them get better credit.
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They now have about $142,000 in debt that includes $46,000 in high-interest credit. to my new job. I think it will work.” Julie knows this is a once-in-a-lifetime opportunity. “We can’t afford to.
If you and your spouse take out a loan as co-borrowers, a record of the loan appears on each of your credit reports. But while you may share some debts, your credit history has no impact on your spouse’s credit report. If you apply for a loan by yourself, the lender underwrites the loan on the basis of your credit history and your income.
Improving credit over time, applying as an individual or finding a strong co-signer are ways to buy a home if one person has bad credit. mortgage lenders will take a look at both your FICO scores.