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How will refinancing rates be affected if a spouse with a low credit score is added to the policy?
Wiki User
∙ 8y ago
Let me answer the question this way: the addition of somebody with low credit can't help a mortgage application, and may kill it. A lot depends on the mortgage being applied for (all mortgages have, as a criteria for acceptance, a range of acceptable credit scores) and how low, in fact, the spouse's credit scores are.
Talk it over with the professional handling your mortgage. If, for instance, you need to add the spouse for income reasons, you might be better off to get a different sort of mortgage.
Good luck.
Wiki User
∙ 8y ago
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Can you add the spouse's name to the mortgage paperwork?
You can add your spouse to the mortgage by refinancing in both of your names. Your spouse does have to be credit-worthy. Check with your original lender to see if it can be done simply without a full fee for refinancing.
If you have bad credit will it affect the credit score of your spouse?
Your credit standing alone won't affect your spouse's credit. The only way your spouse's credit would be affected along with yours is if you jointly hold accounts and then fail to pay them.
Do you have to add your spouse to mortgage for refinancing if the house was bought before the marriage?
No
How does filing for personal bankruptcy affect a former spouse's credit rating?
The only way it could possibly affect the former spouse's credit is if you are including debt in your BK that the spouse may be jointly obligated on; regardless of who was responsible for that debt in the divorce decree. It the spouse was not a co-signer on any of the debts you file BK on, then they won't be affected.
Would your spouse be responsible for your business credit card debt if you were to die if she is not an account holder?
Your estate is responsible for your debts. If the business is owned by the deceased, the business is responsible. A spouse is not responsible, but the amount they inherit will be affected by the debts.
Can you add the spouse's name to the mortgage paperwork?
You can add your spouse to the mortgage by refinancing in both of your names. Your spouse does have to be credit-worthy. Check with your original lender to see if it can be done simply without a full fee for refinancing.
Will your spouse's credit score be affected if your individually owned property is foreclosed spouse's name is not on the deed?
Your spouse's credit score should not be affected if he/she is not on the deed or on the mortgage that was foreclosed.
If you file chapter 7 on debts you acquired before you got married would that affect your spouse refinancing and credit if you are not on the loan?
NO, that would not effect your spouse or partner.
If you have bad credit will it affect the credit score of your spouse?
Your credit standing alone won't affect your spouse's credit. The only way your spouse's credit would be affected along with yours is if you jointly hold accounts and then fail to pay them.
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
If mortgage note is in the name of a deceased spouse but your name is on the deed will your credit be affected if you chose to walk away from the home?
If you are only on the title, then your credit will not be affected.
Does filing a prenuptial agreement keep one spouse's bad credit from attaching to the other spouse?
A prenuptial agreement does not have any bearing on whether credit will be affected.
If you remarry is the new spouse affected by one partners bankruptcy prior to the marriage?
Only when the new spouse is applying for credit jointly with the bankrupt partner.
Do you have to add your spouse to mortgage for refinancing if the house was bought before the marriage?
No
Is the new spouse reliable for child support in pa?
No, but if arrears exist, joint assets and credit may be affected.
How does filing for personal bankruptcy affect a former spouse's credit rating?
The only way it could possibly affect the former spouse's credit is if you are including debt in your BK that the spouse may be jointly obligated on; regardless of who was responsible for that debt in the divorce decree. It the spouse was not a co-signer on any of the debts you file BK on, then they won't be affected.
If you marry someone who files bankruptcy to get rid of debt from his first marriage will your credit be affected even though nothing is in your name?
Your personal credit will not be affected if your spouse files bankruptcy alone. Be careful though in future transactions if you apply jointly for credit later... it will show up there.
