Does her credit really matter?

[Anonymous]

My wife and I are rebuilding our credit. She stays home with the kids and doesn't work. Do her credit scores really matter when we apply for a mortgage since she has no income? And yes, her scores are better than mine. Thanks.

[pizzadude]

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@Anonymous wrote:

My wife and I are rebuilding our credit. She stays home with the kids and doesn't work. Do her credit scores really matter when we apply for a mortgage since she has no income? And yes, her scores are better than mine. Thanks.

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There are more than a few scenarios where it would behoove her to maintain healthy credit scores.   In the future might she need to work outside the home and apply for credit in her own name?   What if she needs to get phone / water / utilities accounts set up?   In some states auto insurance rates are partially tied to credit scores.   If you purchase a house / car together she can be on the loan with you even with no income.

[Anonymous]

Thanks pizzadude!

But if her scores are better than mine and we apply for a mortgage, will it help us as far as the interest rate and other stuff is concerned?

[pizzadude]

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@Anonymous wrote:

Thanks pizzadude!

But if her scores are better than mine and we apply for a mortgage, will it help us as far as the interest rate and other stuff is concerned?

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I believe that most mortgage lenders will take the lower of your middle scores, so assuming her scores are higher it won't do anything to help your interest rate, but it's a good idea in order for her to maintain her credit.

[kingkai1990]

It does....simply because one cannot predict the future. You can't say for sure when you will die or something tragic happens (hopefully not). My rule of thumb is that credit never matters until it matters...by then it is too late. Even if she just has a credit card and buys small stuff on it , it should help.