Married bees – help! My bad credit and FI's great credit…

posted 3 years ago in Married Life
Post # 3
Member
1599 posts
Bumble bee
  • Wedding: October 2013

if you guys share any credit cards/loans etc, those balances will reflect on eachother’s credit scores.  I know this because I just checked! DH and I both actually have great credit, but I recently checked mine after being added as an authorized user to a few of his credit cards and, sure enough, the balances for those are now reflected on my report.  It doesn’t effect me negatively because he pays them all in-full monthly, but i would wonder that if he adds you to some of his accounts that are in good standing, if that would actually help elevate your score.  In contrast, I would NOT add him to any cards that you have that are carrying a balance, as that might negatively effect him.

good luck!

Post # 5
Member
331 posts
Helper bee
  • Wedding: June 2014 - Excalibur

I  have great credit and FI  had horrible credit. If you guys buy anything jointly,  your credit score is factored in,  thus lowering the score you’re fiancee would have if he filed by himself.  What that means is,  if he were to apply for loans  by himself,  he could get better rates.   In the future,  your fi  may have to be on  all the  cat loans,  house loans,  etc.  Keep paying your balances  and get that credit up!  every bit helps!

Post # 6
Member
3777 posts
Honey bee
  • Wedding: February 2013

@bkrocks13:  This is what DH and I did. My credit is just okay, while his is excellent. He added me as an authorized user on a few of his exsisting cards and my credit score is improving because of it. We pay them off in full every month.

Now when we bought a car a few months ago, he was the only one who took out the loan so that we could get a better rate.

Post # 7
Member
428 posts
Helper bee
  • Wedding: October 2013

@iheartcake:  Essentially, no, your bad credit will in no way affect your FI’s individual credit. If he has (say) a 670 before you married, he will have a 670 after, provided he continues his good standing. If you have a 550 before, it will not “average” with his or lower it in any other way. You’ll keep your number, and he will keep his, and only those things that are in your name (or both your names) will affect the score. Now if you get a credit card and his name is on it too and then you (both) fail to pay it, it would affect both your scores negatively.

 

But other than that, you have little to worry about.

Post # 8
Member
304 posts
Helper bee
  • Wedding: September 2010

@iheartcake:  The thing to keep in mind about California is that its a community property state… I think that changes how your credit would effect his and vice-versa (I’m from there, but now live on the east coast), but I’m not entirely sure how.

However, I second what the other bees said, since my DH has pretty bad credit (was somewhat careless when he was younger with all sorts of payments). I would recommend paying off everything you can as soon as you can, making sure your payments are timely, and get whatever isn’t current (if anything) current again. It will make a big difference, even if you can’t pay things off.
 

Post # 9
Member
2400 posts
Buzzing bee
  • Wedding: July 2013

Commenting to follow- DH and I are the exact reverse & we’ve been trying to think of ways to bring up his score recently. His is so bad the bank won’t even let us open a joint account because they said it’s too much risk to me =(

Post # 10
Member
1599 posts
Bumble bee
  • Wedding: October 2013

@BeckyS0:  can you add him to an existing card that you have? I would be surprised if they wouldn’t allow you to- you can add a child as an authorized user on a card!

Post # 11
Member
784 posts
Busy bee
  • Wedding: June 2013

I’m in the opposite boat – mine is good but my DH has pretty bad credit.  I added him as an authorized user to my credit cards which is helping his credit rating a bit.  Unfortunately I had to buy our home using just my income and credit alone since his credit would have affected our interest rate too much.

Post # 12
Member
2400 posts
Buzzing bee
  • Wedding: July 2013

@bkrocks13:  haven’t tried that yet- but I’ll give a try next time I’m paying those accounts… To be fair, it was for a business bank account for our store and not a personal account (I was also on our business paperwork). Something about a bank score (not credit) and multiple flags in some third party system I have never heard of. The flags were all bs issues we had documented had been cleared up without him at fault but since it’s a third party system they use to assess potential members there was nothing we could do except pay the third-party a couple hundred bucks & have him go to a 6 hour money-counseling class. But that was a year ago so now that we’re married I’ll have to give it another go!

Post # 13
Member
1871 posts
Buzzing bee
  • Wedding: June 2012

We were similar. Mine is okay but his is at the very top. My score didnt affect his at all when we filed taxes together. We have also gotten credit for furniture financing and it did help my score a little…. we bought a house and my name is on the deed but we were able to buy it using his information for financing but we were able to show my income as well. Don’t worry about his score going down… you will be fine! His has gotten even better since we have been married.

Post # 14
Member
3756 posts
Honey bee
  • Wedding: April 2014

@BeckyS0:  I used to be a customer service rep at a bank. We didn’t check credit reports/scores for new bank accts, there is a separate system that gives us a person’s banking history specifically. So if he had bounced checks, signs of fraud (kiting, etc), multiple bank accts in poor status, it will show up as high risk and he’ll be denied. I’m not sure how long the records stay active so don’t know how long it will take for him to be able to get an acct. 

 

@iheartcake:  Your credit issues will not impact your DH’s credit after marriage. The only way it will impact him is if, for example, you both try to get a mortgage together. They’ll look at both your credit and give you a rate/loan amt based on the average which will be lower based on your credit. I would do whatever you can to build your own credit back up, get a secured card and keep the balance low but revolving, put a small amt on it each month and pay it off. Do you have open credit with high balances? Get them paid down. The best way to good credit is to have long standing accounts that are active and the balance owed is a small percentage of the total available credit on the card. 

I am about to pay of a significant amount of credit card debt for the second time (hangs head in shame…) and have a plan going forward to not let it happen again. If you have specific questions feel free to PM me 🙂

Post # 15
Member
2400 posts
Buzzing bee
  • Wedding: July 2013

@jny1179:  yup- do you know what that third-party system is called? I can’t remember it for the life of me… We really hated having that system report that info on him then when we’d call the bank itself about the issue they’d say it was all resolved years ago, their fault, and they can’t do anything about a third-party system. 

Post # 16
Member
784 posts
Busy bee
  • Wedding: June 2013

@jny1179:  Sound advice!  Do you have an reccomendations for a secured card?  I need to get my husband to open one up so we can build his credit up more.

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