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You will be able to apply for a loan in just your name, but if you and your wife have a lot of joint liabilities you may find it difficult to qualify on your own. This is because the underwriter will only be looking at your income to pay the new loan payment plus all of the liabilities that show up on your credit report. This will inflate your debt to income ratio.
If you are able to get the loan in just your name, your wife will still likely need to sign the deed/mortgage on the property. This will in no way obligate her for the debt, but she will be agreeing that in the event of default on the loan, the lender can foreclose on the property securing it.
@Anonymous wrote:
Unless you live in a community property state, you can obtain a mortgage loan in your name only, without your wife's debts or credit being factored into the "mix."
However, if you DO live in a community property state, her debts WILL have to be included in the Debt-to-income ratio, but you will not be required to use her credit scores. If you do NOT use her credit scores, you cannot use her income.
At least, that's per FHA -- and the MGs (Mortgage Gurus -- Dallas and Shane) here!!
great answer