Help! My Spouse / Partner Has Bad Credit » Mortgage Masters Group

In an ideal world, you would know your spouse’s credit and financial situation well before you tied the knot. However, you may find yourself marrying someone who has a low credit score (619-500) or a bad credit score (500 or lower) and it isn’t until you’re applying for a mortgage that you find this out.

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The credit grantor (a bank, credit card issuer, mortgage company or other credit-lending business) also has a legal right to report negative information to a credit reporting company if your ex-spouse pays late on a joint account. If your ex-spouse doesn’t pay at all, you’ll probably have to pay – or the grantor can take legal action against you.

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.

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.

With a smaller overall group of buyers to start from. You may also need to move quickly for financial reasons. If your job situation has changed and you’re now making less, relieving yourself from.

Thankfully, with the right advice and the help and knowledge of the specialist mortgage brokers that work with us, there are lenders that may consider husband and wife credit scores for a mortgage , even if a partner or spouse has a less than perfect credit history, either in a joint or sole application.

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How to Obtain a Mortgage Without Your Spouse Buying a house without your spouse is possible with the right income and credit. A married couple buying a house under one name may get better loan terms by leaving out the spouse with bad credit.

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