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general app question if my wife owns the house

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Anonymous
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general app question if my wife owns the house

So, I have been reading the forums for several months and finally took the time to sign up.  My question is one that must have reared its ugly head somewhere along the line...on an application for CC or anything else, I never quite know how to answer the question about own/rent/other.  My wife owned the hosue before we got married and we commingle our finances.  My name isn't on the loan, so it doesn't show up on my credit report.  I have generally put down "rent" at $500 a month(pulled a number out of a hat) but occasionally mark "other" with a zero.  It seems that "other" and the zero dollar amount results in my app getting flagged for review, or declined altogether.

 

What's the right answer?

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: general app question if my wife owns the house

Maybe this should be moved to another forum to help assist. Mods? 

Message 2 of 10
EAJuggalo
Established Contributor

Re: general app question if my wife owns the house

Are you including her income on your application?  Is there a Mortgage?  If the two of you were to divorce would you be on the hook for half the mortgage, or get half the proceeds?  Your state laws would have an impact as well, here in Wisconsin you would claim own with the full mortgage payment and claiming her income as well.  When I lived in MN it was different.

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Message 3 of 10
Anonymous
Not applicable

Re: general app question if my wife owns the house

It depends...some apps ask for household income, some ask just for mine.  Common sense tells me that if I put down "own" and a prospective lender doesn't see a mortgage on my report, they'll be scratching their heads.  By the same token, I think SOME housing cost should be imputed, even though I'm not actually paying a landlord.

 

I think I'll just revert to "rent" and applying 1/4 of the mortgage as my alleged rent payment and be done with it. 

 

We're getting the house ready to sell, so we can get a ranch with main floor laundry and fewer steps, so within a year or so this will resolve itself, as we'll both be on the new loan.

Message 4 of 10
Anonymous
Not applicable

Re: general app question if my wife owns the house

I put own and put $0 down for payment.   It is in the wifes name so we own it but I don't pay the bill.   I get instanlty approved for everything so it must be ok.  I don't see what else would be right.  I am not renting and I don't pay anything towards the mortgage.  

Message 5 of 10
Anonymous
Not applicable

Re: general app question if my wife owns the house

I would report whenever possible both incomes and for house put her payment.  We have owned our house for many years with -0- loan.  I have put -0- for payments and I have put a few hundred dollars for taxes and insurance and it does not seem to matter what I put on the application.  

Message 6 of 10
Rogue46
Established Contributor

Re: general app question if my wife owns the house

I have pretty much the same situation and always put "own" and "0" for payment and never had an issue.





Message 7 of 10
Anonymous
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Re: general app question if my wife owns the house

Thanks for the input...makes sense.

Message 8 of 10
Anonymous
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Re: general app question if my wife owns the house

Here's a twist...I applied for a CC with General Electric CU...they called back and asked a couple of questions about income & expenses.  They wanted me to only list my own income, not household income unless my wife was going to be joint (I guess we could do that, but hadn't planned it that way) but they wanted me to list the entire house payment?!?  Seems like the worst of both worlds.  They said UW would make a decision Monday.

Message 9 of 10
Anonymous
Not applicable

Re: general app question if my wife owns the house


@Anonymous wrote:

Here's a twist...I applied for a CC with General Electric CU...they called back and asked a couple of questions about income & expenses.  They wanted me to only list my own income, not household income unless my wife was going to be joint (I guess we could do that, but hadn't planned it that way) but they wanted me to list the entire house payment?!?  Seems like the worst of both worlds.  They said UW would make a decision Monday.


That is strange.

Message 10 of 10
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