Marriage for Dummies 101

[Stingr69]

If you apply for a loan and you can use your income exclusively to justify the payments you will be fine. If you need to include any of her income to justify your ability to afford the payments then her score will be checked too (and it matters).

If you separate for some reason, the joint (co-signed) debt you entered while you were together can be divided in court and here is where it can get dicey. Joint debts incurred while married can be assigned to ex-spouses. The other ex-spouse might not pay the debt off and the credit scores for both parties will suffer. Watch out for that. Not fair but it happens.

-Mark.

[garcmol]

Sorry, but this is true. When filing for a joint loan.

[Switchin2Chevy]

Originally Posted by BIGSWOLE

You get screwed on your income tax return.

Ditto

[2FST2LIV2YNG2DY]

Wow I'm sooo glad I asked this question. I learned so much ish about marriage in an hour lol.

When I say thAt we will never have joint accounts I mean it. We plan to also look at houses but its going under my nAme only


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[JasonK]

You will have a credit score and she will have a credit score. We just refinanced our house, showed my score in one box and her score in another box. lucky for me, my wife takes care of the bills, and is never late!! LOL

If you want to up your credit score carry a little debt each month.

[2FST2LIV2YNG2DY]

Originally Posted by JasonK

You will have a credit score and she will have a credit score. We just refinanced our house, showed my score in one box and her score in another box. lucky for me, my wife takes care of the bills, and is never late!! LOL

If you want to up your credit score carry a little debt each month.

but if we were married, cant i just put the house strictly under my name only and not even run her credit cause her credit sucks and mine is really really good!?

[garcmol]

Originally Posted by iLLaDeL_LyRiKaL

but if we were married, cant i just put the house strictly under my name only and not even run her credit cause her credit sucks and mine is really really good!?

Depends on how much you want to borrow. The more $$$$ you want, your debt to income ratio will be higher based on one borrower. Will depend on other debt you currently have.

[2FST2LIV2YNG2DY]

Originally Posted by garcmol

Depends on how much you want to borrow. The more $$$$ you want, your debt to income ratio will be higher based on one borrower. Will depend on other debt you currently have.

the only debt i have is my Camaro and my income is pretty nice...Thanks a ton for all the answers!! I really appreciate it!!!!

[66olds442]

only advice I have is get a prenup. Then you won't be backstabbed when she tries to take your camaro in the devorce!

[2FST2LIV2YNG2DY]

Advice taken! im looking into that rite now!

[KeepItGreasey]

Originally Posted by iLLaDeL_LyRiKaL

what exactly do u mean by "her debt will become your debt." ??????

You said her credit is shitty... do you really want to marry someone who spends other peoples money and doesn't pay it back on time, if at all?

If she has any debt when you marry her, you will acquire her debt. And you'll be paying for it, one way or another.

Originally Posted by 66olds442

only advice I have is get a prenup. Then you won't be backstabbed when she tries to take your camaro in the devorce!

BINGO!

You must be a graduate

This is only a quick refresher course... but there is tons of valuable information in here.

[Mr_Draco]

Originally Posted by iLLaDeL_LyRiKaL

but if we were married, cant i just put the house strictly under my name only and not even run her credit cause her credit sucks and mine is really really good!?

Actually I would check on the rates first with whoever you're getting the mortgage from. Most banks and lenders I've dealt with actually offer lower rates to couples with a combined ok credit then they offer just one person with great credit. It doesn't hurt anything to inquire about it and you never know, you may come out ahead in the long run to have her on the loan even with her bad credit.

Another thing, I've seen a few relationships go south because of this. Instead of "our house" it eventually becomes "your house" or "my house".

[Augie1978]

Dude, no it is against the law to charge different rates depending on marital status.

[garcmol]

Originally Posted by Augie1978

Dude, no it is against the law to charge different rates depending on marital status.

Your right. However, I think he means the banks favor two names on the blame line more than one. If you use one person's credit score it goes back to debt to income ratio. If there are two people then debt (in theory) is split in half.