Very poor credit and makes 50K–Fiancee has great credit and makes over 400K-Will lenders look at both scores?

March 17, 2010

in Poor credit credit cards

I have very poor credit because of some embarrassing mistakes I made with credit cards. I am trying to rectify this, but am getting married in the next year to a man with fantastic credit. I make 50K per year, but he makes over 400K. I know that lenders usually look at both incomes and credit scores when applying jointly, but since his income and score is so high–will they even look at mine?

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{ 9 comments… read them below or add one }

nothere March 17, 2010 at 7:21 am

Yes they will, which may drive up his interest rate.

mom2babycolin March 17, 2010 at 7:40 am

If you try to apply jointly, yours will pull his way down. It’s best if he applies for all the credit. Maybe you should work on your credit score some on your own, with a small high interest rate card that you pay completely off every month for some regular monthly expense (like the cable bill or whatever, just pay it from the bank to the card after it’s charged).

Luckily, most lenders will work it so his name is the main on everything anyway.

Chad C March 17, 2010 at 8:08 am

try emailing dave ramsey, he is a financial expert. Its http://www.daveramsey.com He even has a radio show, call in, you could get on it. I dont think its gonna be an issue at all. The avg salary in the usa is 40 grand a year. Your both above that

Ginger R March 17, 2010 at 8:55 am

Wedding vows do not automatically ruin anyone’s good credit. Unfortunately for Mr. Poor Credit, they don’t automatically improve anyone’s creditworthiness, either.

That can change if our couple decides to share financial accounts. After all, marriage means not just love and companionship, but also mortgages and joint checking accounts. The bad behavior of one spouse can start to affect the other if they rush to merge their financial lives without first cleaning up any past credit transgressions or mending the problems that led them to a checkered credit history in the first place.

Although it may sound heartless, maintaining some financial distance for a while might help a couple in the long run

Past credit problems can be the result of a job or health emergency that threw someone’s financial life into turmoil. On the other hand, they can be a sign of irresponsibility

Mrs. Good Credit might want to postpone creating any joint accounts or adding her husband to her credit cards. Any late payments or other misdeeds occurring on joint accounts will show up on both spouses’ credit reports. She will also be just as liable for any debts incurred on those accounts, even if her husband’s the spendthrift.

Niall S March 17, 2010 at 9:12 am

I am sure with your wages combined, you wil clear the debts off rather quick

lea lange March 17, 2010 at 9:55 am

depends on how the loan application is filled out. i can guess since you mention applying jointly that both names will be on the application. because he has excellent they might approve, because yours is not so good they might decline. might depend on what the loan companies experience has been with loans with a difference between applicants

my16paws March 17, 2010 at 10:48 am

Simple solution… When borrowing DO NOT apply jointly. Given your husbands salary 400K and his good rating there should be no reason to need your numbers to help the score. A family income of 400,000 vs 450,000 is not a difference at that level.
Over the next few years work on improving your score.

boilerette72 March 17, 2010 at 11:40 am

What they said… don’t apply jointly. Improve your own score in the mean time. If you went for a mortgage, only his income would be considered if only he applies. With $400k you could easily get a $1M home at 2.5 times the income.

N K March 17, 2010 at 12:37 pm

you can put your name and his name on the house and let him be the only one to borrow money in his name. One thing you can do is let him buy the house with his credit and his name and add your name to the deed of the house later. If he makes over $400k and has fantastic credit, it shouldnt be a problem. Most lenders will bend over backwards to give you guys a loan.

Now only if I were so lucky to marry someone who makes 400k :)

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