What happens if you marry a person with bad credit?
When you marry, you become ONE, therefore what's his/hers is yours and what's yours is his/hers. That includes a bad credit report. On the brighter side, bad credit can be corrected (usually within 7 years your record is wiped clean if you maintain accounts). Good luck.
The first answer is incorrect. Each person with a Social Security number can establish credit in his or her name. State law governs whether one spouse can be held accountable for debts the other spouse incurred while married. (Community property / community debt states. Debts before the marriage are not factored in. Your bad credit doesn't affect your spouse at all--unless you co-sign on loans or co-apply.
Kyla is correct - your credit can NOT be affected by a spouse's credit unless you have co-signed a loan, open a joint account, file for a joint bankruptcy, or a tax lien is placed on a joint tax return.
If someone with great credit co signs for some with bad credit does it help the person with bad credit?
The person with bad credit pays back the loan that the good credit helped him with in good payment statis. Have payment met on time or a little early will help the person with bad credit. The person with good credit is very generous with his credit. If the bad credit person does not pay on time or falters the loan. the Good credit person will have a problem . Not the bad credit person…
Nothing happens unless you merge accounts, add each other to previously individually held accounts or merge finances in a way where their poor financial decisions affect you down the road. The act of marriage itself does not affect your credit score. The name change will be reflected on your report the next time your new name is used to apply for credit, a job, or a lease.
Bad credit or any negative report will remain in your credit report for seven years. Therefore, if it happens that there is a wrong information that will affect your report negatively, be sure to dispute it immediately. You can also do your own credit card repair in order to eliminate any bad credit that will be reflected in your credit report.
It is easier for a person with bad credit to get a car loan than almost any other type of loan because studies have shown that an auto loan is the loan people will try their hardest to pay. However, a person with bad credit may have fewer lenders to choose from because many major auto companies only finance borrowers with higher credit scores. Also, a person with bad credit will face much higher interest…
I don't think so. The reason for a cosign is because the person buying the car has bad credit and the cosigner is a guarantee to the bank the loan will be paid. Two bad credit reports doesn't equal one good one. Since you have credit problems I wouldn't sign because that will add to your debt ratio to income and actually harm your credit.
Will it reflect on your credit if you have extremely good credit and you marry someone with bad credit?
No, but it may cause difficulty when applying for joint credit such as a mortgage. ___________________________________________________________________________________ You are a sole entity as long as you do not apply for monies together therfore you will NOT be penalized by your hubbies lack of credit. Y-THINK-Y
Many car dealerships offer financing for people with bad credit or no credit history. These loans will have a higher interest rate because a person with a bad credit history or no credit history is considered are often considered to be high risk. Checking with a local dealership will determine if the offer this service at their location.