Are you considering getting married? If so, it is important to know as much as you can about your future spouse, including his or her credit score! While this may seem like an uncomfortable thing to talk about, marrying somebody with poor credit can impact your financial future. For example, once you are married, your spouse’s credit score can result in you not qualifying for a mortgage loan.
You and your spouse will each retain your own personal credit score after you are married, but your scores also become linked. When you apply jointly for a loan, your spouse’s low credit score can make it difficult for you to obtain the loan or make it impossible to lock in a good interest rate.
Typically you want to include both spouses on a loan application in order to show a larger household income. However, if your spouse has been through a prior bankruptcy or foreclosure, your high credit score will probably not be able to overcome it. Many lenders have mandatory periods a consumer must wait before qualifying for a mortgage loan after they have been through a personal bankruptcy or foreclosure.
If you are in this situation, it is still possible for you to qualify individually for a loan by only using your credit score to apply. However, this means that only your income will be considered and you will be solely liable for the debt.
To learn more about how to improve your credit score, please read our blog titled “Rebuilding Your Credit After Bankruptcy.” For assistance with obtaining debt relief or negotiating a debt settlement plan, please contact us to schedule an appointment.
At DeLadurantey Law Office, LLC, we help businesses and families find their way out of highly difficult financial situations. We provide the advice and guidance you need in obtaining debt relief through bankruptcy and debt negotiations. We can also assist you in student loan law and defending a foreclosure action. Contact us at 414-377-0518 to discuss how our Milwaukee bankruptcy attorneys can assist you. Like us on Facebook.