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     | Saturday, January 06, 2001 - 04:49 pm  I am a Washington State woman with bad credit, due to a business failure resulting in a Chapter 7. I am engaged to be married to a man with excellent credit. We are concerned that my bad credit may taint his good credit, if we marry. I know that I should not be added to any of his credit applications, but what about creditors who, if we are married(as in martgage lenders), wants to know my social security number? We may, in all practicality, have to stay unmarried if my partner will be embarrassed or refused credit based on my history. Can you advise me in this matter...including worse case scenarios? Thank you, Elisa
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| | Saturday, January 06, 2001 - 07:11 pm At Applying alone even if married Don wrote "...As taken directly from the verbage that few read at the top of page one of the Loan application(1003) ...the income or assets of the Borrower's spouse will not be used as a basis for loan qualification, but his or her liabilities must be considered because the borrower resides in a community property state, or the property is located in a community property state...." So, STATE law is one very important issue. Does anyone know if WA State is a community property State? From the credit point of view, I'd recommend not getting married. However, other factors are the benefits you get when you're married, such as health insurance, pension, etc. that you'll ONLY qualify for if you ARE married. Does anyone have a URL with pros and cons of getting married? Or any other concerns or practical experiences?
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| | Saturday, January 06, 2001 - 09:53 pm If having great credit is more important to your fiancee than getting married then I would say don't get married. Can't you try and manage your credit situation? Maybe get a loan for your house or whatever you need credit for and then get married? Or get married now and hold off applying for a loan until your credit improves?
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| | Sunday, January 07, 2001 - 09:53 am I don't think it's a matter of credit being more important than getting married. I think this is an issue people should be concerned about if money matters to them. Many business people/real estate investors greatly benefit by NOT getting married just because of the "related party" IRS regs and 2 individuals who are NOT related (married) can LEGALLY distribute their taxable income so they pay the least income tax. If Elena and her fiance wanted to buy a vacation home in California (community property State,) they might end up paying a lot more interest. If he is an active investor, he also might not want every broker and the people he does business with to know that Elisa had a bankruptcy. Elisa might not want everybody to know about her bankruptcy. I don't know anyone who enjoys writing "explanation letters" for lenders and the related hassles (documentation)and anxiety. People should evaluate the benefits of getting married versus the disadvantages.
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| | Sunday, January 07, 2001 - 12:06 pm How long ago was the bankruptcy? Do all of your accounts properly show as included in bankruptcy or do some of them still show as charge off or collections?
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| | Monday, January 08, 2001 - 07:37 am I am married with mediocre to poor credit and have a spouse with excellent credit. It has not been an issue in our non-community property state. He applies for and gets credit whenever he needs it. I am cleaning up my mess and if it is not thoroughly cleaned then the house we are likely going to buy will be in his name only. Our bank didn't seem to blink when we got pre-approved for a mortgage with his name only. I think Christina's point is the most important, do you live in a community property state? And even if you do, remember it will only affect property purchases, not his chances of getting credit cards, lines of credit and such. Perhaps you can buy a house before you tie the knot with his name only or wait until your derogs drop off.
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| | Monday, January 08, 2001 - 08:25 am Washington IS a community propert state, so, at least on mortgage loans, I must be added as a co-borrower. He has just acquired a loan, so that will have been done prior to our marriage.I wonder about automobile loans. Are real estate loans the only ones that require adding a spouse in a community property state? And what about cleaning up credit? Is there an advantage to paying an agency to do it? Can it be done? Is it true that bankruptcies remain on credit reports for ten years? Can one remove them sooner? My bankruptcy is four years old.
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| | Monday, January 08, 2001 - 09:50 am I'm ASSUMING that cars are community property just like houses. You definitely should review your credit and make sure all the discharged accounts are reported as "included in bankruptcy" with the correct dates. As far as agencies, Patricia posted her experiences at Junum.com Experiences Also, do a Keyword Search here for Junum and Lexington. And yes, the bankruptcy will stay on for 10 years, but since it's already been 4 years you shouldn't have any problems IF your credit reports are accurate and you re-established credit.
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| | Monday, January 08, 2001 - 04:39 pm If your bankruptcy is four years old and if you have not gotten into further credit trouble after the bankruptcy and if you have completely accurate information on your credit profile then I'd say your credit should be sufficient to qualify for a home loan.
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