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| *Vultures Knob>>>Dirt Bike |
My husband has bad credit, and I have excellent credit, can his bad credit affect me in anyway? Also he has a |
dirt bike and a truck he got them through the bank at a very high payment because he is trying to fix his credit, but I want him to get rid of the bike and trade the truck in for a cheaper car is there anything that can be done? Also is there anyway he can consolidate these debt such as his credit cards and get rid of the payment. The total debt for the crdit cards are about $3000 in total? Please help! When we got married, my husband had horrible credit and mine was perfect. I was never late on any payments, never bounced a check, never missed payments .... nothing. Over the course of our 5 year marriage - my credit has also been ruined because of his irresponsible behavior. He can and might drag you down and possible ruin your credit also. The fact is - the reason he has bad credit is because he is financially irresponsible. And, that can affect you! His credit can screw yours. But I 'm not sure if you have separate bank accounts and a Prenup, then that's possibly a different story. If you don't him to drag you down don't apply for joint credit. He could sell the bike and truck and buy something cheaper, but he has bad credit for a reason...probably irresponsibility. The only way your husband's bad credit would hurt your credit score is if the bad credit comes from a joint account. My husband filed for personal bankruptcy 2+ yrs ago, and it has not adversely affected my credit rating. I can still obtain credit quite easily in fact. On the other hand, if we were to apply for joint credit, we would be turned down flat due to his poor credit score. I would not personally recommend consolidating your loans/credit cards. In my opinion, a consolidation loan only represents the fact that you have obtained credit beyond your limits (which doesn't reflect well with any creditor), and have had to resort to consolidation. BUT, that is only my opinion. Hope this helps. The only way that his bad credit can affect yours is if your name(you are a joint borrower) is on anything of his or vice versa. Also when it comes to his high interest rates and credit card debt. The best way to get rid of that, is if you are homeowners. You can do a Home equity loan at a reasonable rate and pay all of that off. This is also good because you can more than likely use the interest you pay as a tax write off as well. only if u guys have an credit card or a loan together and he don't pay it When you apply for a credit card you can transfer balances from other credit cards to consolidate debt. With Chase you can get 0% for 1 year on balance transfers. With American express you can get 4.99% fixed for the life of the balance. |
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