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Feb

27

What Happens When Bad Credit Marries Good Credit

By: Diane Tuman, Content Manager | February 27, 2008 |

Bad credit couple

Today’s Wiki Wednesday Feature: Bad Credit Marries Good Credit

You think you found the right guy or gal, have been dating for a while and things are getting serious. You’re even talking the “m” word. Let’s go through the marriage material checklist:

  • Smart? Check
  • Attractive? Check
  • Compatible in “all ways?” Check
  • A nice person? Check
  • Gainfully employed? Check
  • Gives you freedom and space? Check
  • Has a healthy credit score? S-C-R-E-E-E-E-CH!

What, might you ask, does a healthy credit score have anything to do with marriage? Lots, if you read Bad Credit Marries Good Credit, a somewhat humorous Real Estate Guide article by Shailesh Ghimire, a mortgage professional in the Phoenix area. Shailesh presents a whole different look at why your future mate’s credit score is important. In his example, the wife-to-be has a decent score of 760, but the guy’s credit is poor. How will they qualify for a mortgage? In this scenario, they are probably facing a loan with a higher interest rate, which means the money that could go towards paying for a higher-valued home is now going towards paying higher rates.

Seriously, if you are planning on getting married, check your credit score along with all of the other marriage preparations you make. Because when it comes time to buy a house with your partner, you don’t want to be sitting there facing a lender and learn that you have a terrible credit score. That’s bad marriage mojo. In those months leading up to exchanging vows, use the time to turn your credit score around, if you need to.

Ed: Wiki Wednesdays is a weekly feature that highlights helpful or interesting articles from the Real Estate Guide.

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Topics: Home Mortgage, Real Estate, Wiki Wednesdays, Zillow |

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Comments

10 Comments so far

  1. Joe Dahleen on February 27, 2008 4:33 pm

    Have you seen your mortgage credit?
    Here is a link to a new service where you can access your mortgage credit report and view it along with your required FACTA Notice.

    Go to http://www.goliveloans.com and click on Step 1. You can get your mortgage credit report in about 15 seconds.

    Note this is not your consumer credit report just your mortgage credit report with all 3 scores.

    No obligations.

  2. Dating Guide on February 27, 2008 11:43 pm

    Don’t let your credit suffer needlessly from errors or outdated information With tools and tips for fixing a bad credit report A bad credit report can hurt your chances at qualifying for loans and credit cards, and it can even get in the way when you want to rent an apartment or land a job. Credit Repair Kit For Dummies is your essential guide to managing your credit — from fixing mistakes on your credit report, to improving your credit going forward, to establishing manageable payment plans with creditors. Dating Guide

  3. salt on February 29, 2008 7:01 am

    I consider, if people love each other and trust each other, to them on forces any credit

  4. Credit Recovery » Blog Archive » Comment on What Happens When Bad Credit Marries Good Credit by salt on March 1, 2008 9:56 am

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  5. Credit Recovery » Blog Archive » Comment on What Happens When Bad Credit Marries Good Credit by … on March 1, 2008 9:56 am

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  7. Santa Barbara Real Estate Voice on March 2, 2008 11:28 am

    Great post. I am a realtor in santa barbara ca and this is an issue that comes up a few times a year. Generally it all works out and if your clients are working with a good lender, this is part of their job of how to juggle this. Thanks for the insight and further reading on this.

  8. Early Repayment - The Good & The Bad | The Finance Blog on March 13, 2008 11:32 am

    [...] Borrowers and Prepayment Penalties Sub-prime borrowers, or borrower with less-than-stellar credit scores and thus less leverage when it comes to negotiating mortgage rates, don’t have as many options [...]

  9. Sebbi on March 25, 2008 4:20 pm

    thanks for the post. i hope to listen some more.
    Best regards from Sebbi

  10. Mark McKnight on June 8, 2008 3:30 pm

    I have a comprehensive list on my site about how to deal with creditors. I have even included sample letters that you can use when contacting yours creditors.

    Regards,
    Mark McKnight
    Pay It Forward!

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