We are struggling to pay our high balance credit cards right now. Some are in my name and some are in hers. We are going to sell our house and buy a cheaper one but right now we cant keep up with all of the bills. I am worried that if she defaults on her card that it will be hard for me to get a mortgage because we are married.
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
It wont hurt your cred unless you have a joint credit card. But I know that when you go to buy a house they check both your credit, I just tried to see what we could qualify for, and I had negatives on my credit. So, instead of using both our credit to buy. We have to use my husband%26#039;s. Just using his, we can%26#039;t get as good of a rate then if we would be using mine too.
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
depends on if your name is on the card at all.
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
If you co-signed for the cards it could hurt.
Also, if you both plan on purchasing a house and her credit is shot because of lack of payments you%26#039;ll have a good chance of getting declined or have extremely high interest rates.
I would take her cards and put her on a fixed budget until the cards are paid off. The #1 way to destroy a marriage is through money. She needs to learn responsibility.
If the non-payments go long enough, any money that you have jointly in a bank account could be frozen by the courts if they go so far. I%26#039;m not trying to scare you, but I work for a bank and i%26#039;ve seen it first hand.
Becareful.
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
the late payment on the credit card only affects the person who%26#039;s social security number was used to open the account. in other words, whoever opened the account is responsible for the payments. some people get credit cards and then get another one on the same account for someone else. if that person defaults, then you are ultimately responsible.
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
You are correct. The credit institutes see both of you as one entity. Since you are married the default comes down on both of you.
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
married = 1.
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
It only affects her credit score
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
In most states the debt is communal, you both share in the responsibilty equally. Her bad credit is yours too. There are a few states where this is not the case, I can only think of Utah though. Any state that is not a community property state would not hold you accountable. Utah might be the only one, which is why I can%26#039;t think of any others.
If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
You could do a balance transfer of all your high credit card balances to a new credit card offering 0% annual APR but you%26#039;d have to pay it off in a year.. this would lower your payments. Not paying your credit card bill is definitely going to impact your score -- so while your finances are in disarray i would suggest getting myFico credit tracker for a year so you can watch it while you fix your money problems!
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If my wife doesn%26#039;t pay her credit card bill, will it hurt my credit score at all? Or does it only affect hers?
This comes back to haunt me every day. It can affect your credit as well, but that may vary state to state. My bank account was seized recently to pay my ex-husbands debt.
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