Ask a Lawyer - Archive

I have a poor credit rating and I am marrying a man with an Excellent rating. Will this effect our abililty to make large purchases, and how long does bad credit stay on record? What is the best way to repair it? Thanks

How smart of you to marry someone with excellent credit! My husband did the same thing;)

Your poor credit rating will not impact your husband's credit rating provided you're not on accounts together that go into default. Therefore, he can go ahead and finance large purchases, obtain loans, etc. in ONLY HIS NAME, and you can enjoy the benefits of those loans and purchases. It would even be possible for him to obtain a mortgage loan in only his name to purchase a home that you own with him provided you sign over you mortgage your interest. Just because you own the home doesn't mean that you have to be on the promissory note, but you would have to sign the mortgage.

How terrific that you're interested in improving your credit rating. Credit ratings are illusive numbers, but one sure fire way to improve your score is to pay on time each and every one of your obligations. A consumer credit counselor should be able to help BUT don't go to someone who's going to charge you an arm and a leg and try to manage all of your debts. You need only some advice on this point which a non-profit consumer credit counselor can provide. Housing and Urban Development (HUD>'s website lists those I believe, and the Federal Trade Commission (FTC) is also a terrific place for information about credit reports and ratings. Check out these sites to get started on the road to recovery.

Best of luck!