Home Buying in 27893>Question Details

Tipdrich09%4…, Home Buyer in Wilson, NC

how do you get good credit if your credit is bad, and if your spouse has worse credit?

Asked by Tipdrich09%40gmail.com, Wilson, NC Sun Dec 30, 2012

Does his bad credit affect my credit score?

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Answers

3
You may want to consider credit counseling, and/or consolidation of debt in order to make your payments lower. Also, if you have credit card debt, you may get up the nerve to cut up all of your credit cards. That would be step one.
0 votes Thank Flag Link Sat Mar 16, 2013
IF you decide to cut up your credit cards, be sure to keep at least one or two of the accounts OPEN so it actively reports your positive payment history or you will NEVER obtain a qualifying credit score in order to buy a home.

Credit Cards are the type of revolving debt that act like the training wheels for consumers looking to buy a home. The BIG BANKS want to know you can manage these minor responsibilities before you get the opportunity to own a home.
Flag Sun Mar 17, 2013
Go to http://www.ftc.gov to learn about credit unless you take Larry's advice and receive Consumer Credit Counseling.

The topic itself is too huge to know how to help you specifically without more details of your own personal scenario, but generally speaking a healthy credit score is attainable as long as you have at least two or three open and active trade lines; whether they are credit cards or installment loans is up to you.

If you don't have any open credit accounts; get them open ASAP and be certain to pay your bills on time and manage the accounts wisely! (don't max out a new credit card!)
0 votes Thank Flag Link Mon Dec 31, 2012
Your spouses credit doesn't effect your score but it does impact your ability to get a mortgage.

Both of you need to understand that your bad credit is a direct reflection on you and it's going to impact your lives negatively for years until you suck it up and do the hard things you need to do in order to improve it.

You need to put away your credit cards and stop using them entirely. You need to start paying down your debt regularly every month and living well beneath your means this year. I would encourage you to visit the website: http://www.nchfa.com/ where you can find some credit counseling and mortgage assistance.

Your credit didn't become as bad as it is overnight and it won't get repaired overnight, but if you'll commit to a year for focusing on the issue and working to fix it, then this time next year I believe you'll be in a good place with good credit. I wish you all the best and a successful 2013
0 votes Thank Flag Link Mon Dec 31, 2012
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