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Advice needed: Don't want to ruin my GF/fiancees credit.

Member

Advice needed: Don't want to ruin my GF/fiancees credit.

My GF is moving in with me next week and I plan to propose in August and we'll probably be married early 2015.

 

I currently have deliquent NelNet loans in the amount of $35,000 and a pending deed in lieu or foreclosure on a $120,000 USDA loan through BOA. Basically, I have very, very poor credit and the possibility that USDA/BOA will come after me down the road. 

 

My girlfriend has excellant credit. She makes ~$40K and I make roughly twice that. At some point, we'd like to buy a house, maybe 2-3 years down the road.

 

My questions are:

-What steps can I take to minize the impact of my poor credit on her besides trying to improve mine? Should we consider waiting until my mortgage loan is resolved to get married?

-Should we plan to make strategic moves prior to getting married to secure things that we will most likely not qualify for once we're married?

 

Thanks a lot for the advice everyone!


Starting Score: 524
Current Score: 524
Goal Score: 700


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Message 1 of 6
5 REPLIES
Valued Contributor

Re: Advice needed: Don't want to ruin my GF/fiancees credit.


hd_apk wrote:

My GF is moving in with me next week and I plan to propose in August and we'll probably be married early 2015.

 

I currently have deliquent NelNet loans in the amount of $35,000 and a pending deed in lieu or foreclosure on a $120,000 USDA loan through BOA. Basically, I have very, very poor credit and the possibility that USDA/BOA will come after me down the road. 

 

My girlfriend has excellant credit. She makes ~$40K and I make roughly twice that. At some point, we'd like to buy a house, maybe 2-3 years down the road.

 

My questions are:

-What steps can I take to minize the impact of my poor credit on her besides trying to improve mine? Should we consider waiting until my mortgage loan is resolved to get married?

-Should we plan to make strategic moves prior to getting married to secure things that we will most likely not qualify for once we're married?

 

Thanks a lot for the advice everyone!


^^^^^^

You have very good, thoughtful questions. You obviously care about the financial future of the two of you, including willing to make changes.

 

Is your girlfriend aware of your credit history?

To minimize the impact of your poor credit on her, as you asked, do not open a joint account with her, keep your finances separate until your credit issues are resolved.

Credit Cards: AmEx Platinum (NPSL), Citi Prestige ($32K), Simmons ($5.5K), IberiaBank ($14K)
Personal Lines of Credit: U.S. Bank ($5K), Wells Fargo ($11.2K), Citibank ($11.8K), PenFed CU ($25K), LA Financial CU ($20K)
myFICO 3B Report (as of 4/30/16): Experian: Score 8: 786; Mortgage Score 2: 809 Equifax: Score 8: 801; Mortgage Score 5: 809 Transunion: Score 8: 796; Mortgage Score 4: 796
Jumbo Mortgage: 3.75%
Message 2 of 6
Member

Re: Advice needed: Don't want to ruin my GF/fiancees credit.

When you say joint account are you referring to bank accounts or things like leases? For example, we're planning on renting a house when my lease is up in November... should I be on that lease or only her? 

 

She's knows about all my credit issues and they really aren't an issue for us but at the same time, want to take steps to protect the one good credit we have between us. 


Starting Score: 524
Current Score: 524
Goal Score: 700


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Message 3 of 6
Valued Contributor

Re: Advice needed: Don't want to ruin my GF/fiancees credit.


hd_apk wrote:

When you say joint account are you referring to bank accounts or things like leases? For example, we're planning on renting a house when my lease is up in November... should I be on that lease or only her? 

 

She's knows about all my credit issues and they really aren't an issue for us but at the same time, want to take steps to protect the one good credit we have between us. 


^^^

I see no reason why she should mix in her name with your jointly on anything. If i were her I'd keep everything separate

Credit Cards: AmEx Platinum (NPSL), Citi Prestige ($32K), Simmons ($5.5K), IberiaBank ($14K)
Personal Lines of Credit: U.S. Bank ($5K), Wells Fargo ($11.2K), Citibank ($11.8K), PenFed CU ($25K), LA Financial CU ($20K)
myFICO 3B Report (as of 4/30/16): Experian: Score 8: 786; Mortgage Score 2: 809 Equifax: Score 8: 801; Mortgage Score 5: 809 Transunion: Score 8: 796; Mortgage Score 4: 796
Jumbo Mortgage: 3.75%
Message 4 of 6
Moderator

Re: Advice needed: Don't want to ruin my GF/fiancees credit.


youdontkillmoney wrote:

hd_apk wrote:

When you say joint account are you referring to bank accounts or things like leases? For example, we're planning on renting a house when my lease is up in November... should I be on that lease or only her? 

 

She's knows about all my credit issues and they really aren't an issue for us but at the same time, want to take steps to protect the one good credit we have between us. 


^^^

I see no reason why she should mix in her name with your jointly on anything. If i were her I'd keep everything separate


Good luck with that one, especially considering every apartment is going to want her name on the lease if she's there for more than their grace period.  That said, there really isn't any need to go with joint credit card accounts (assuming the OP has his own) but that's harder to do auto/mortgage.

 

@OP: your issues don't become hers from a credit reporting perspective, but you need to try to address those issues sooner rather than later especially if you two want a mortgage at some point unless she can qualify on her own without your income in the DTI calculation.  If you are trying to settle them, it's probably in your best interests to do that pre-marriage as I don't know if they'd include her income as part of household if married on your old debts.  May depend on what state you live in, messy situation regardless, should try to fix on your side now before that becomes a sticking point in any negotiation of repayment.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


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Valued Contributor

Re: Advice needed: Don't want to ruin my GF/fiancees credit.


hd_apk wrote:

My GF is moving in with me next week and I plan to propose in August and we'll probably be married early 2015.

 

I currently have deliquent NelNet loans in the amount of $35,000 and a pending deed in lieu or foreclosure on a $120,000 USDA loan through BOA. Basically, I have very, very poor credit and the possibility that USDA/BOA will come after me down the road. 

 

My girlfriend has excellant credit. She makes ~$40K and I make roughly twice that. At some point, we'd like to buy a house, maybe 2-3 years down the road.

 

My questions are:

-What steps can I take to minize the impact of my poor credit on her besides trying to improve mine? Should we consider waiting until my mortgage loan is resolved to get married?

-Should we plan to make strategic moves prior to getting married to secure things that we will most likely not qualify for once we're married?

 

Thanks a lot for the advice everyone!


If you make twice that of your girlfriend, your debt doesn't sound like that much.  Clean up your credit immediately. Make sure and keep everything seperate.  Don't share any accounts or mix finances.  It's possible to keep seperate credit for mortgages and cars, but probably not with you bringing the Lion's share of the income.  

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


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Message 6 of 6